REPLACEMENT: Exercise of Warrants and Issue of ...

REPLACEMENT ANNOUNCEMENT
This announcement is made in replacement of announcement released at 18.05 on 17th March 2016.  The original announcement incorrectly stated "(being all of the warrants issued to Crede to date)" in the first paragraph, which has now been removed. Crede CG III Ltd's shareholding was 2.65 per cent. at the time of release of the original announcement based on the total number of shares at that time as stated in this announcement.  A full revised announcement is below.

Vast Resources plc
("Vast" or the "Company")
 (AIM: VAST)

Exercise of Warrants and Issue of Equity

VAST Resources plc ("VAST" or the "Company"), the AIM-listed mining company with operations in Romania and Zimbabwe, announces that, pursuant to the subscription agreement entered into with Crede CG III Ltd (the "Investor" or "Crede") on 4 January 2016, the Investor has elected to convert 32,200,000 warrants ("Warrants") of the 156,250,000 warrants issued on 4 January 2016 under the initial subscription. Notice of exercise of the Warrants was received by VAST on 16 March 2016.

Under the terms of the financing announced on 4 January 2016, the Investor may exercise the Warrants by exchanging them for new ordinary Shares of 0.1p each in the Company (the "Ordinary Shares") being such number of new Ordinary Shares calculated by dividing the aggregate Black-Scholes Value of the Warrants (as described below) held and to be exercised by the Investor by the closing bid price of Ordinary Shares on the trading day two days prior to the date on which the Warrant exercise notice is issued, being 0.42p, at a price per Ordinary Share equal to the Black-Scholes Subscription Price payable in full on the trading date the Warrant is exercised.

Pursuant to the terms of the subscription agreement as set out above, the Company has today issued 52,509,000 new Ordinary Shares to the Investor at the Black-Scholes Subscription Price, which means that Crede CG III Ltd is now interested in approximately 2.65 per cent. of the issued share capital of the Company as enlarged by the issue of the new Ordinary Shares. Pursuant to the terms of the subscription agreement, an administration charge is due to the Investor following the Warrant exercise. Such administration charge is equal to the number of new Ordinary Shares being issued multiplied by the Black-Scholes Subscription Price, being £52,509.

Application will be made to the London Stock Exchange plc for 52,509,000 new Ordinary Shares to be admitted to trading on the AIM market with admission expected to occur on or around 24 March 2016 ("Admission"). The new Ordinary Shares rank pari passu in all respects with the existing Ordinary Shares. There are no Ordinary Shares held in treasury. 1,979,854,366 represents the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

"Black-Scholes Value" means the value of a Warrant calculated using the Black-Scholes model as developed in 1973 by Fischer Black, Robert Merton and Myron Scholes, using the Economic Research Institute's Black-Scholes calculator, where the Volatility shall be 135 per cent., the term of the Warrants shall be deemed to be 60 months (regardless of the then actual remaining term of the Warrants), the stock price shall be the Subscription Price and the option price shall be 130 per cent. of the subscription price.

"Black-Scholes Subscription Price" means a price per new Ordinary Share equal to a deemed nominal value of 0.1 pence per Ordinary Share on the trading date the Warrant is exercised.

In this instance, "Subscription Price" means 0.8 pence, being the closing bid price of Ordinary Shares on the trading day prior to the date of issue of the initial subscription shares on 4 January 2016.

Vast Resources plc
Roy Pitchford (Chief Executive Officer)	[phone] - Office Romania  [phone] - Mobile Romania  [phone] - Mobile UK
Roy Tucker (Finance Director)	[phone]   [phone]
Strand Hanson Limited - Financial & Nominated Adviser  James Spinney  James Bellman	www.strandhanson.co.uk   [phone]
Daniel Stewart and Company plc - Joint Broker  Martin Lampshire David Coffman	www.danielstewart.co.uk   [phone]
Dowgate Capital Stockbrokers Ltd - Joint Broker Jason Robertson Neil Badger	www.dowgatecapitalstockbrokers.co.uk  [phone]
St Brides Partners Ltd Charlotte Heap Susie Geliher	www.stbridespartners.co.uk   [phone]

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vast Resources plc via Globenewswire

HUG#1996094