Result of General Meeting and Acquisition of re...
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
23 November 2020
Vast Resources plc
(‘Vast’ or the ‘Company’)
Result of General Meeting
Acquisition of remaining 20% in Baita Plai Polymetallic Mine
in consideration of issue of shares
Vast Resources plc, the AIM-listed mining company, announces that at the Company’s General Meeting held earlier today, the proposed resolution (the ‘Resolution’) was duly passed on a poll vote with 84.20% of the votes cast being in favour.
Following the passing of the Resolution the acquisition of the entire share capital of AP Mining Group Limited (‘the Acquisition’) now has been completed and in consequence the Company has acquired the remaining 20% interest in Baita Plai Polymetallic Mine (‘Baita Plai’) (thus increasing its interest in Baita Plai to 100%) together with further interests in Romanian assets as listed in the letter from the Chairman to shareholders announced on 6 November 2020. The Acquisition has been satisfied through the issue of 2,850,000,000 new ordinary shares of 0.1p in the Company (‘Ordinary Shares’) (the ‘Consideration Shares’). Of the Consideration Shares, 1,500,001,930 have been allotted to Andrew Prelea and 225,005,790 have been allotted to Roy Tucker, both Directors of the Company, and it was announced on 9 November 2020 that Andrew Prelea and Roy Tucker have agreed subject to their remaining directors of the Company a lock-up period of 12 months in respect of the share allotments.
As outlined in the Chairman’s Letter of 6 November 2020, the Company offered shareholders the opportunity to pose questions to the Board by submitting questions in writing via email. The Board did not receive any questions and as such the Company did not make any audio recording.
Admission of and dealings in the Consideration Shares
Application has been made to AIM for the Consideration Shares which will rank pari passu with existing Ordinary Shares to be admitted to trading on AIM (‘Admission’). It is expected that Admission will become effective and dealing will commence in respect of the issue of the Consideration Shares on or around 25 November 2020. Following the Admission, the total issued share capital of the Company will be 17,304,569,200. This figure may then be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Vast under the FCA’s Disclosure and Transparency Rules.
Following the allotment of Shares the interests of Andrew Prelea and Roy Tucker in the Company are 1,581,514,739 and 294,575,782 Ordinary Shares respectively, representing approximately 9.14% and 1.70% of the Company’s share capital.
Market Abuse Regulations (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the directors' dealing in the Ordinary Shares.
**ENDS**
For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
|
Vast Resources plc
Andrew Prelea - CEO Andrew Hall |
www.vastplc.com +44 (0) 20 7846 0974 |
|
Beaumont Cornish - Financial & Nominated Adviser
Roland Cornish James Biddle |
www.beaumontcornish.com +44 (0) 020 7628 3396 |
|
SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe |
www.spangel.co.uk
+44 (0) 20 3470 0470 |
|
Axis Capital Markets Limited – Joint Broker Richard Hutchison |
www.axcap247.com
+44 (0) 20 3206 0320 |
|
St Brides Partners Limited
Susie Geliher Charlotte Page |
www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.
The Company’s Romanian portfolio includes, as a result of the passing of the Resolutions, an increased 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M–3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Name:
Andrew Prelea
2.
Reason for the notification
a)
Position/status:
Chief Executive Officer
b)
Initial notification/Amendment:
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name:
Vast Resources Plc
b)
LEI:
4.
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument:
Identification code:
Ordinary shares of £0.001 each
b)
Nature of the transaction:
Issue of shares in consideration of sale of assets
c)
Price(s) and volume(s):
| Price(s) | Volume(s) |
| £0.0017 | 1,500,001,930 |
d)
Aggregated information:
Aggregated volume:
Price:
| Price(s) | Volume(s) |
| £0.0017 | 1,500,001,930 |
e)
Date of the transaction:
23 November 2020
f)
Place of the transaction:
AIM, London Stock Exchange
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Name:
Roy Tucker
2.
Reason for the notification
a)
Position/status:
Business Director
b)
Initial notification/Amendment:
Initial notification
3.
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name:
Vast Resources Plc
b)
LEI:
4.
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument:
Identification code:
Ordinary shares of £0.001 each
b)
Nature of the transaction:
Issue of shares in consideration of sale of assets
c)
Price(s) and volume(s):
| Price(s) | Volume(s) |
| £0.0017 | 225,005,790 |
d)
Aggregated information:
Aggregated volume:
Price:
| Price(s) | Volume(s) |
| £0.0017 | 225,005,790 |
e)
Date of the transaction:
23 November 2020
f)
Place of the transaction:
AIM, London Stock Exchange
Attachment
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