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LONDON - Vast Resources plc, an AIM-listed mining company, has announced the exercise of warrants leading to the issuance of 202 million new ordinary shares at a price of 0.4 pence per share, raising a total of £808,000. This exercise is expected to result in the admission of the new shares to trading on the AIM market of the London Stock Exchange (LON:LSEG) around Tuesday, May 13, 2024.
The new shares will be on par with the existing ordinary shares, with the company’s expanded issued share capital totaling over 3 billion shares after the admission. Vast Resources has confirmed that these shares will carry one voting right each and that the company does not hold any shares in treasury. Consequently, the total number of ordinary shares will be the figure used by shareholders to assess their notification requirements under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Vast Resources operates in several countries, with a focus on recommencing production at previously producing mines. In Romania, the company is advancing projects such as the Baita Plai Polymetallic Mine and the Manaila Polymetallic Mine. Additionally, Vast is considering re-engaging with investment strategies in Zimbabwe and has started discussions regarding further mining concessions in the country.
The company also has a stake in a joint venture that offers a near-term revenue opportunity from the Takob Mine processing facility in Tajikistan. Vast Resources is entitled to a 12.25 percent royalty over all sales of non-ferrous concentrate and other metals produced there. In Tajikistan, Vast is contracted to develop and manage the Aprelevka gold mines, aiming to assist in increasing production rates closer to historical peaks.
The capital raised from the exercise of warrants will contribute to the company’s ongoing operations and development projects. This financial move is part of Vast Resources’ strategy to advance its mining activities and expand its production capabilities across its portfolio.
This announcement is based on a press release statement provided by Vast Resources plc.
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