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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
24 May 2022
Vast Resources plc
(“Vast” or the “Company”)
Update regarding Atlas Special Opportunities LLC
Vast Resources plc, the AIM-listed producing mining company, announces, that further to the announcements made on 16 & 18 May 2022 regarding the issued conversion notice by Atlas Special Opportunties LLC (“Atlas”) of USD 800,000, that notwithstanding the full repayment of the Bond being made by the Company on 16th May 2022, the Company after seeking legal advice has executed a Deed of Settlement (‘Settlement Agreement’) with Atlas Special Opportunties LLC.
As part of the Settlement Agreement the Company can confirm that it will satisfy the exercise of the Conversion Rights through the issue of 241,799,020 ordinary shares of 0.1 pence each in the Company (‘Ordinary Shares’) at a price of 0.27 pence per Ordinary Share, subject to the following substantive conditions being met by Atlas:
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Atlas irrevocably agrees that they will not deliver any further Conversion Notices, or seek any further conversion of Bonds to shares of the Company.
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Atlas shall immediately repay USD 800,000 to Vast to cover the overpayment in lieu of the USD 800,000 conversion notice.
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Atlas shall release all securities in relation to the Bond Issuance Deed and confirm release of all obligations owed by the Company in relation to the intercreditor and Standstill Deed dated 29 January 2020.
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Atlas agrees in respect of the targeted General Meeting on 10 June 2022, that they shall appoint Brian Moritz, Chairman of Vast Resources PLC, as their proxy or corporate representative with repect to all shares held by them to vote at the Chairman’s discretion in respect of any vote to be held at the General Meeting.
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Atlas agrees to release all and any shares belonging to Andrew Prelea, Roy Tucker, Brian Moritz, Paul Fletcher and Craig Harvey (or procure the release from the Security Trustee where applicable), and provide all relevant confirmation of such release, which are currently held subject to the Escrow Agreement dated 29 January 2020 between Vast Resources PLC, Atlas Special Opportunities LLC, and Roy Tucker, Andrew Prelea, Brian Moritz, Paul Fletcher and Craig Harvey, announced on 31 January 2020; and the Escrow Agreement dated 28 January 2022 between Vast Resources PLC, Atlas Special Opportunities LLC, and Andrew Prelea, announced 31 January 2022.
Application will be made to the London Stock Exchange for 241,799,020 new Ordinary Shares to be admitted to trading on the AIM Market with admission expected to occur when the Company has received USD 800,000 from Atlas Special Opportunites LLC that was part of the full repayment made by the Company (‘Admission’).