Vast Resources secures $10M loan facility from Glencore

LONDON - Vast Resources plc has secured a $10 million loan facility from Glencore International AG, according to an official announcement. Of the loan, $4 million is earmarked for project expansion at Aprelevka, while the remaining $6 million supports working capital and debt repayment needs. Funds will only be disbursed once the company's reverse takeover completes, including shareholder approvals and effective admission.

The loan agreement, signed today, features interest rates based on the Term Secured Overnight Financing Rate plus a 5% annual margin. However, this rate decreases to 3.75% following specific qualifying events. Principal repayments commence on March 31, 2027, with the final repayment occurring two years after the August 19, 2026 closing date. As collateral, Vast Resources has placed a share charge on all shares held by Gulf International Minerals Limited, representing the entirety of Gulf's issued share capital.

Glencore has received the right of first offer for 60 months on future mineral concentrate and polymetallic commodity production from Vast Resources' mining operations, excluding bullion and doré from the Aprelevka gold mining project in Tajikistan, Baita Plai mine production in Romania already committed to third parties, and government-required production sales.

In exchange for the loan, Vast Resources issued 10 million shares to Glencore as partial consideration. These warrants can be exercised at 7.5 pence per share for three years from the closing date. Upon exercise, shares will be admitted to trading on AIM and hold equal status to existing ordinary shares.