Friday 20 October 2017 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
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The September 2017 edition of the UK Investor Magazine is now live: Adam Reynolds speaks, seven hot tips, gay penguins, and much more
The hardest thing for many of the smaller miners is actually making it to the production stage, and there are many that never get that far.
Okay it is house broker so hardly partial but the disposal made by Vast Resources (VAST) and announced today can't be bad news can it? Over to broker Brandon Hill which writes:
At 6.15pm on Friday – truly no-one-is-watching o’clock – AIM-listed Vast Resources (VAST) released an RNS detailing the exercise of warrants and consequent issue of equity. It is comedy central. Perhaps readers can explain the 10% commission part…..
Déjà vu this morning with the announcement from Roy Pitchford at Vast Resources (VAST) earlier today as he announced that it was ditching the Bracknor facility, presumably as he realised that it wasn’t doing wonders for the share price. Well, at least you realised before causing any further damage.
I appreciate that Tom wrote last week about the expensive loan from Bracknor (HERE) ; however, I wanted to point out a few other aspects of the financing transaction, particularly after the laughably naïve RNS’s that came out this morning. The FCA need to take a closer look.
Shitty little AIM Companies such as Vast Resources (VAST) would be better off borrowing on the company credit card than dealing with loan sharks such as Bracknor and Northland Capital. To add insult to injury Vast describes as $2 million loan today as interest free. Bollocks. It is even more expensive as the infamous loan from fragrant Katrina Clayton the wife of the FD at FRAUD African Potash (AFPO).
It’s been a fantastic week for democracy on AIM first with the ousting of the Teathers Financial (TEA) Board early in the week and then, yesterday, even more impressively was the show of strength by the shareholders of Vast Resources (VAST) at the general meeting ousting the greedy financiers, Crede, in the process.
Despite Vast Resources’ (VAST) share price taking a bit of a beating last week, it is great to see its private investors getting together to try to make a difference, rather than just sitting back and accepting their fate. As a big fan of shareholder activism, I’m more than happy to do my bit to publicise the cause and try to get more people involved.
I first commented on the shocking funding deal between Vast Resources (VAST) and Crede HERE in March with the share price around 0.3p and although Vast managed to get out of the second tranche of funding (and got into bed with Darwin instead), yesterday’s RNS gave a disastrous update on all funding and operational matters – what a doozy!
A few weeks back I first wrote about the Crede funding deals in place with both Vast Resources (VAST) and Amur Minerals (AMC) (HERE) and (HERE) and thought it would be interesting to compare how the two companies have fared since then having taken slightly different routes and also discuss the trading opportunities arising as a result.
Great news for the shareholders of Vast Resources (VAST) this morning as Vast announced that it was withholding consent to the second tranche of the Crede financing. If no-one minds, I’d like to take some of the credit!
I am part disgusted and part amused by the shocking mess that the Vast Resources (VAST) management team has got itself into recently, all courtesy of a ridiculous funding arrangement that they agreed to in January this year with Crede Capital.
John Meyer of SP Angel this morning comments on Kefi Minerals (KEFI), Solgold (SOLG), Ortac Resources (OTC) and Vast Resources (VAST) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond
Featuring shares in Ashley House (ASH), Churchill Mining (CHL), Clear Leisure (CLP), Vast Resources (VAST) with share price targets for all four stocks.
Vast Resources (VAST), the AIM-quoted mining hopeful with interests in Central Africa and Eastern Europe, has begun blasting at its 1.8 million-tonne Manaila polymetallic mine in Romania. The company, formerly African Consolidated Resources, will seek to take production there towards 10,000 tonnes of ore per month, having passed what chief executive Roy Pitchford hails as ‘a landmark day in the life of Vast’. Having trebled since early this year to a share price of 1.53p, Vast’s shares put a value of £18.3 million on the company, but how much upside is there from here?
As foreshadowed here last month, geographically diverse Vast Resources (VAST) is adding further to its Romanian interests with an agreement to buy control of the Manaila polymetallic mine in the north of the country. The company, whose Pickstone Peerless gold mine in Zimbabwe is set to restart production next month, is paying a nominal E1 (72p) for 50.1% of Manaila, which holds an estimated 1.8 million tonnes with 1.17% copper, 1.86% zinc and 0.95% zinc according to Russian measurement standards, as well as some low-grade gold and silver, and assuming the debts of its present owner, Simaron Mining.
John Meyer of SP Angel this morning comments on Avalon Resources (AVI), Coal of Africa (CZA), North River Resources (NRRP), West African Minerals (WAFM), IMIC (IMIC) and Vast Resources (VAST) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
As can be seen on the daily chart of Vast Resources (VAST) since the name change from African Consolidated Minerals, the name change looks to have been a good move, at least from a share price perspective.
Lately popular Vast Resources (VAST) is poised to take a 50.1% stake in the polymetallic Manaila mine in northern Romania as it prepares to re-start its flagship Pickstone Peerless gold mine in Zimbabwe this summer. Highlighted here at 0.66p in February, shares in Vast, which floated on AIM as African Consolidated Resources at 12p nine years ago, have nearly trebled since its £1.6 million fund raising at 0.5p in December to 1.45p now, having hit 1.78p,
Roy Pitchford, seasoned chief executive officer of bombed-out Vast Resources (VAST), says the company should later this year be producing gold from the Pickstone Peerless mine in Zimbabwe and a range of metals from gold to copper and zinc from Baita Bihor in Rumania, an incongruous and opportunistic mixture explained by the company’s tortuous history. Vast, which changed its name from African Consolidated Resources in December when it raised nearly £1.6 million at 0.5p to gain potential control of Baita Bihor in Transylvania’s Apuseni mountains, tapped the market again for another £900,000 the other day at 0.6p and, though Pitchford argues it is ‘funded to take Baita Bihor into production’, he adds ‘but we would like to raise a bit more in two months.’
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