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Refinancing of Atlas Special Opportunities LLC

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

31 January 2022

Vast Resources plc
(‘Vast’ or the ‘Company’)

Refinancing of Atlas Special Opportunities LLC

Vast Resources plc, the AIM-listed mining company, is pleased to announce an update regarding the outstanding balance due to Atlas Special Opportunities LLC (‘Atlas’) under the Bond Issuance Deed as announced on 24 October 2019 (‘BID’).

The Company has received a binding term sheet from a Swiss Investment Banking and Asset Management Boutique (‘Boutique’) for the refinancing of the outstanding amount of USD $6,250,000 due under the BID. The term sheet is conditional on the transfer of the Boutique’s client funds upon the execution of definitive legal documentation including the assignment of the relevant security assets.

Under the existing terms of the BID, the outstanding amount of the first issuance was due for repayment on 31 January 2022; however the Company and Atlas have executed a deed for a variation of terms to the BID to allow for a three month extension in order to close the refinancing transaction which is expected to be completed in Q1 2022.

The Company will announce further details of the refinancing when the transaction has been completed.

Details of the variation of terms of the BID are as follows:

  • The conversion terms have been amended to a price per Ordinary Share in the Company equal to 90% of the daily Volume-Weighted Average Price published by Bloomberg of such Ordinary Share for any single day in the 20 Trading Days immediately preceding the date of delivery of the relevant Conversion Notice where such single day is chosen by the Bondholder and notified to the Company on the date of delivery of the Conversion Notice and the right of the Company to make a cash alternative election shall cease.

  • The Company has the ability to redeem the bonds at par value on any given trading day until the revised maturity date of 30 April 2022.

  • Andrew Prelea, Chief Executive Officer of Vast Resources PLC, has agreed to escrow an additional 15,000,019 Ordinary Shares of Vast Resources PLC that are beneficially owned by him as additional collateral for the obligations of the Issuer under the BID.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)

www.vastplc.com
+44 (0) 20 7846 0974

Beaumont Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 20 7628 3396

Shore Capital Stockbrokers Limited Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)

www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050

Axis Capital Markets LimitedJoint Broker
Kamran Hussain

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

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 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 Licence 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.


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