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Vast Resources plc – Positive update on financing and the right to mine diamonds on the Heritage Concession in Zimbabwe

Friday, April 12th, 2019

Vast Resources plc, the AIM-listed mining company, wishes to update the market on advances in its financing since the update announced on 12 February 2019 and following the 5 April announcement of its restructuring proposal together with confirmation of its ongoing strategy.

  • The Company is now expecting term sheets from financial institutions for loan finance to bring Baita Plai into production and to provide working capital for the group.
  • The Company has now advanced discussions with a potential cornerstone equity investor to the extent that the investor has now expressed a definite interest to proceed in principle.

The interest of both the financial institutions and the potential cornerstone investor is conditional on the passing of the resolution by Shareholders on 23 April 2019 to approve the restructuring which will be effected by the sale of the Company’s interest in Pickstone Peerless Gold Mine and other gold assets in Zimbabwe.  The interest is also dependent upon completion of due diligence and the signing and completion of definitive legal agreements.

Heritage Concession

The Company is pleased to announce that following the announcement of 14 February 2019 concerning the right to mine diamonds on the Heritage Concession the preparation of the joint venture agreement between the Company and the Chiadzwa Community Development Trust has now reached the form of an advanced draft.  Following the signature of the joint venture agreement, operations at the Heritage Concession are able to commence on the ground immediately.
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