Vast Resources plc, the AIM-listed mining company, announces that it has raised £1,467,000 gross through a placing (the ‘Placing’) of 652,000,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.225p per Ordinary Share (the ‘Placing Shares’). The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’).
The net cash raised from the Placing will ensure sufficient levels of working capital are maintained to meet the Company’s corporate obligations as well as cover certain transaction costs linked to possible new opportunities the Company is investigating as referred to in the Notice of General Meeting on 7 October 2022. The Company will make further updates to the market on these new opportunities if and when it is appropriate.
The Company would also like to inform the market that production at its Baita Plai Polymetallic Mine in Romania has continued to increase, as indicated in the announcement made on 21 October 2022. As per the announcement made on 27 October 2022, a sale of concentrate will be made this month and the Company is currently planning another sale in the middle of November 2022.
Following receipt of the Placing proceeds, the Company expects to have cash of approximately £1,556,948 and near-term liabilities of £933,020. The Board is confident it will have sufficient operating cashflow and/or resources and will have access to further funding in the future as required to meet its ongoing liabilities.
Admission of the Placing Shares & Total Voting Rights
Application will be made to AIM for the Placing 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 on or around 14 November 2022. Following Admission, the total issued share capital of the Company will be 2,281,643,324. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figure of 2,281,643,324 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 Rule.
