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Highlights
- Vast Resources plc raised £750,000 through the issuance of 750,000,000 ordinary shares at a price of 0.1p each.
- The funds will be allocated to support the company's ongoing operations, particularly for complying with the reorganization plan at its Baita Plai polymetallic mine.
- The new shares will be admitted to trading on AIM in two tranches.
Vast Resources plc (LSE:VAST), an AIM-listed mining company, has announced that it successfully raised £750,000 through a share placing. The company issued 750,000,000 ordinary shares at a price of 0.1p per share. This placing price represents a 19.3% discount compared to the 5-day volume-weighted average price (VWAP). The transaction was facilitated by the company’s joint broker, Axis Capital Markets Ltd.
The funds raised through the placing will be used to support Vast Resources’ ongoing operations, particularly to comply with the reorganization plan at its Baita Plai polymetallic mine. In addition, the proceeds will help the company maintain its corporate obligations while it awaits revenue from concentrate deliveries and the incoming funds associated with its Second Agreement, which was initially announced on September 11, 2024.
Admission of New Shares and Total Voting Rights
The 750,000,000 new ordinary shares will be admitted to trading on AIM in two stages. The first tranche, consisting of 250,000,000 shares, will be admitted around October 18, 2024, and the second tranche of 500,000,000 shares will follow, expected to be admitted around October 28, 2024. Both tranches are conditional on AIM admission.
Following the admission of the first tranche of shares, the total issued share capital of Vast Resources will increase to 2,058,607,357 ordinary shares. Upon the admission of the second tranche, the total will further rise to 2,558,607,357 ordinary shares. Shareholders can use these updated figures to determine whether they are required to notify their interest in the company under the FCA's Disclosure and Transparency Rule, as the company does not hold any shares in treasury.
This funding initiative provides Vast Resources with financial stability as it navigates through its strategic reorganization and awaits further income from its operations.
