Vast (VAST ) has received a binding term sheet from a major international commodity trading and natural resources group in respect of a proposed US$10 million funding.
The conditions precedent to the funding include the completion of the proposed reverse takeover the company announced on 22 December 2025, a transaction which will involve Vast securing control of significant mining assets in Tajikistan.
Of the total principal available under the terms of the proposed facility, US$4 million is restricted for use in project expansion at Aprelevka, with the balance of US$6 million to be applied towards the company's working capital requirements.
The facility of US$10 million is repayable over two years, with no capital repayments falling due until early 2027 and interest payable quarterly.
The loan would be secured against Vast's shareholding in Gulf, and the financier will receive warrants in Vast at 0.3p.
The financier would also purchase concentrate production from Aprelevka and have a right of first refusal in respect of the offtake of future concentrate production from Vast's other operations, subject to pre-existing contractual obligations with third parties.
The Company's brokers have begun meetings with potential investors, and Vast has, additionally, engaged with private individuals in the United States of America who have previously provided indications of an intention to invest in the enlarged Vast group.
The time required to negotiate the proposed facility necessitated a deferral of these workstreams and thus it has been necessary to extend the longstop date for the proposed transaction to 17 August 2026.
View from Vox
Vast has said it appreciates the patience of shareholders and market while the company remains suspended from Aim. The suspension has indeed gone on longer than might have been expected, but the transformational nature of the transaction means that once Vast emerges on the other side of this deal, it ought to be able to start driving real value immediately. The assets in question are quite substantial, and could deliver significant rewards to shareholders.