Update on Asset Backed Debt Financing and Raising Investment


Vast Resources plc / Mnemonic: VAST / Index: AIM / Sector: Mining

December 9, 2020

Vast Resources plc

(“Vast” or the “Company”)

Update on Asset-Backed Debt Financing
and Placement to raise £ 4,846,579.90 before fees

Vast Resources plc, the AIM-listed mining company, is pleased to announce that the detailed Term Sheet previously announced with the international banking institution (the “Bank”) has now been agreed between the management team of the Bank and Vast, and subject to the approval of the Bank. final credit committee approval which is scheduled for December 15, 2020.

As one of the main pre-conditions for the drawdown, the Company will be required to raise at least $ 6.2 million in additional equity to invest alongside the Bank and, given this requirement, the Company today has raised £ 4,846,579.90 gross through a placement of 3,671,651,439 0.1p ordinary shares of the Company (the “Ordinary Shares”) at a price of 0.132 pence per Common Share (the “Common Shares”). Placement “).

The placement was made by the company’s co-broker, Axis Capital Markets Ltd.

Andrew Prelea, Chief Executive Officer of the Company, comments:

“The asset-backed credit facility is a key business and commercial objective for Vast, and I believe it will prove beneficial to shareholders as we approach 2021. This is clearly recognized by new and existing investors who participated in today’s placement and I believe this development will provide Vast with the financial option to successfully capitalize on the planned ramp-up until full production at our Baita Plai polymetallic mine.

Admission and trading of Placement Shares

A request has been made to AIM for the Placement Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM (“Admission”) in two tranches. It is expected that the Admission will become effective and that trading will commence in respect of the issue of 755,587,515 of the Placement Shares on or around December 15, 2020 (the “First Admission”) and that the Admission will become effective and that trading will commence in respect of the issuance of 2,916,063,924 Placement Shares on December 23, 2020 (the “Second Admission”). Placement is conditional on admission.

After the first admission, the total issued share capital of the Company will be 18,060,156,715 and after the second admission it will be 20,976,220,639. The above figures of 18,060,156,715 and 20,976 220,639 respectively may then be used by shareholders, after the respective issuance dates of the Shares, as a denominator for the calculations by which they will determine whether they are required to notify their participation in Vast under the FCA Disclosure and Transparency Rule.

**ENDS**

For more information visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or contact:

Vast Resources plc
Andrew Prelea – CEO
André room
www.vastplc.com
+44 (0) 20 7846 0974
Beaumont Cornish – Financial Advisor & Appointed
Roland Cornwall
James biddle
www.beaumontcornish.com
+44 (0) 020 7628 3396
SP Angel Corporate Finance LLP – Co-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 Limited Partners
Susie Geliher
Charlotte page
www.stbridespartners.co.uk
+44 (0) 20 7236 1177

The information contained in this announcement is considered by the Company to constitute inside information as stipulated in the Market Abuse Regulation (EU) No. 596/2014 (“MAR”).

ABOUT VAST RESOURCES PLC

Vast Resources plc is an AIM listed UK mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on rapidly advancing high quality projects by resuming production at previously producing mines.

The Company’s Romanian portfolio includes a 100% stake in the producing Baita Plai polymetallic mine, located in the Apuseni Mountains, Transylvania, a region that is home to the largest polymetallic mines in Romania. The mine has a JORC compliant reserves and resources report which underpins the initial mine life of approximately 3 to 4 years with a total in situ mineral resource of 15,695 tonnes of copper equivalent. with an additional exploration target of 1.8 to 3 million tonnes. The Company is currently working to confirm an expanded exploration target of up to 5.8 million tonnes.

The Company also owns the Manaila polymetallic mine in Romania, which was commissioned in 2015, currently undergoing upkeep and maintenance. The Company has obtained the extended exploitation permit from Manaila Carlibaba which will allow it to re-examine the exploitation of mineral resources in the larger area of ​​the Manaila Carlibaba permit.

In Zimbabwe, the Company is focused on starting the joint venture mining agreement on the community diamond concession, Chiadzwa, in the Marange diamond fields.


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