IN BRIEF: Vast Resources issues 150 million shares for bond conversion

Writer,

Vast Resources PLC - London-based miner with projects in Romania and Zimbabwe - Issues 151.3 million new ordinary shares at 0.27 pence each, compared to Thursday closing price of 1.37p. Vast now has 760.5 million shares in issue, so the issuance represents 20% of the enlarged total. The share issuance is in response to London-based Atlas Special Opportunities LLC choosing to convert bonds of $500,000 nominal value. On May 3, Atlas had given Vast a non legally binding verbal assurance that it would do no more conversions.

Vast is currently refinancing a bond facility from Atlas that it signed for $15.0 million in October 2019. The debt deal was with Atlas Capital Market Ltd, a joint venture of Atlas Special Opportunities and New York-based Arena Investors LP. As of Friday, Vast has outstanding bonds of $4.2 million.

Current stock price: 0.70p, down 48%

12-month change: down 92%

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