Completion of Reverse Takeover of Gulf International Minerals Limited,
Completion of Placing and Subscription,
Share Consolidation,
Re-Admission to trading on AIM,
Total Voting Rights,
Further Subscription and Drilling Update
Vast Resources plc (AIM: VAST) has completed its reverse takeover of Gulf International Minerals, giving the company a 49% beneficial interest in the producing Aprelevka gold and silver operations in Tajikistan.
Trading in Vast’s enlarged share capital is expected to resume on AIM at 8:00am today, 19 August, following shareholder approval of the transaction and completion of a 25-for-one share consolidation.
The Aprelevka joint venture holds four active mining licences along Tajikistan’s Tien Shan Gold Belt and currently produces approximately 11,000 ounces of gold and 130,000 ounces of silver annually from mined ore and tailings.
Vast has also completed a placing and subscription raising approximately £7.5 million, alongside a £300,000 retail offer. Together with a recently announced US$10 million debt facility, the funding will be used to settle creditors and legacy loans, provide working capital and support development of the Aprelevka assets.
Of the debt facility, US$4 million is specifically allocated to expanding Aprelevka, with the remaining US$6 million available for working capital and debt repayment.
Following re-admission, Vast will have 1.646 billion shares in issue. The company is also considering a further subscription of approximately £500,000 following approaches from investors unable to participate in the original fundraising.
Separately, Vast has commenced a new drilling campaign in Tajikistan, targeting a maiden JORC-compliant resource following earlier drilling, trench sampling and metallurgical work on the Soviet-era tailings facilities.
Chief Executive Andrew Prelea described completion of the transaction as the beginning of a new chapter for Vast, with the company now focused on expanding its cash-generating Tajik operations while progressing plans to restart its Romanian assets.
