Vast Resources (VAST ) has entered into an amendment agreement with Bay Square Pacific, following the reverse takeover announced in December 2025.
The long stop date in respect of the share purchase agreement will now be extended from 5th May to 30th June 2026, provided that the general meeting to propose the shareholder resolution to approve the SPA has been called by 15 June 2026.
Due diligence has largely been completed and formal confirmation by the Government of Tajikistan of organisational changes in regard to the Aprelevka precious metals assets has now been received.
The changes authorised by the Government of Tajikistan will enable Vast to unlock significant value in the assets, within a corporate structure which enshrines the required levels of corporate governance.
Subject to completion of the associated fundraising, Vast expects to be in a position to publish an Aim admission document in May 2026.
Separately, Vast has established an alternative sales channel for its diamonds in Antwerp, and expects to commence the sales process during the week commencing 4 May 2026.
And, further to the announcement of 31 March 2026, Vast has confirmed that it remains in active discussions with A&T Investments SARL and Mercuria Energy Trading SA to seek to agree to an extension of the terms of the respective loans until RTO completion.
Vast intends to use the revenue from upcoming diamond sales, together with proceeds from the placing in relation to the reverse takeover and proceeds from new offtake finance agreements and/or wider funding arrangements, to repay the creditors in full.
View from Vox
Good to see this transaction moving forward, even if it is taking time for the wheels to grind. The Vast position in Tajikistan is likely to be significant once the process completes, with several promising assets coming into the company post-transaction. Meanwhile, following disruption to the sales pipeline in the Persian Gulf, the diamonds have returned to a more traditional entrepot, Antwerp. Their sale should provide some useful ready money, and help keep the show on the road.