Atlas Special Opportunities LLC Non-Conversion Agreement
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining10 November 2020Vast Resources plc
(‘Vast’ or the ‘Company’)Atlas Special Opportunities LLC Non-Conversion AgreementVast Resources plc, the AIM-listed mining company, announces that the Company has entered into a non-conversion agreement with Atlas Special Opportunities LLC (‘Atlas’) regarding the Tranche 1 Bonds issued to Atlas, announced on 31 January 2020, under the terms of the Atlas Bond Issuance Deed (‘Bond Issuance Deed’).Under the terms of the Bond Issuance Deed, since 29 July 2020 Atlas has and continues to be entitled to exercise conversion rights. Atlas has informed Vast of its intention to exercise certain conversion rights and in the event that Atlas excercises these conversion rights then under the provisions of the Bond Issuance Deed the Company has the right to cash settle. However, against the background of Vast’s progress on asset backed financing the Company has agreed with Atlas that in consideration of the right to settle the principal outstanding on the Bond Issuance Deed (including a redemption premium calculated to be in accordance with the terms) for certain stage payments and then a fixed sum, by 31 December 2020, Atlas has agreed that it will issue no further conversion notices pursuant to the Bond Issuance Deed prior to 1 January 2021.The agreement does not affect the potential drawdown by the Company of Tranches 2–4 of the Bond issuance Deed for its diamond division in Zimbabwe.**ENDS**For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).ABOUT VAST RESOURCES PLCVast 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 an 80% 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 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 License 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 Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
(‘Vast’ or the ‘Company’)Atlas Special Opportunities LLC Non-Conversion AgreementVast Resources plc, the AIM-listed mining company, announces that the Company has entered into a non-conversion agreement with Atlas Special Opportunities LLC (‘Atlas’) regarding the Tranche 1 Bonds issued to Atlas, announced on 31 January 2020, under the terms of the Atlas Bond Issuance Deed (‘Bond Issuance Deed’).Under the terms of the Bond Issuance Deed, since 29 July 2020 Atlas has and continues to be entitled to exercise conversion rights. Atlas has informed Vast of its intention to exercise certain conversion rights and in the event that Atlas excercises these conversion rights then under the provisions of the Bond Issuance Deed the Company has the right to cash settle. However, against the background of Vast’s progress on asset backed financing the Company has agreed with Atlas that in consideration of the right to settle the principal outstanding on the Bond Issuance Deed (including a redemption premium calculated to be in accordance with the terms) for certain stage payments and then a fixed sum, by 31 December 2020, Atlas has agreed that it will issue no further conversion notices pursuant to the Bond Issuance Deed prior to 1 January 2021.The agreement does not affect the potential drawdown by the Company of Tranches 2–4 of the Bond issuance Deed for its diamond division in Zimbabwe.**ENDS**For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).ABOUT VAST RESOURCES PLCVast 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 an 80% 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 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 License 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 Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
