Vast Closes $10 Million Private Placement Financing

Source: www.gulfoilandgas.com 6/5/2009, Location: Middle East

Vast Exploration Inc. is pleased to announce that it has closed its previously announced equity financing, including the exercise of the option. Pursuant to the financing, the Company has issued and sold 25,000,000 units of the Company at a price of $0.40 per unit for total gross proceeds of $10,000,000 (the “Offering”). Each unit was comprised of one common share and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder thereof to acquire one Vast common share at a price of $0.50 at any time prior to June 5, 2011.

The Company intends to use the net proceeds from the financing to fund its commitments under a Production Sharing Contract (“PSC”) that it has entered into with the Kurdistan Regional Government - Iraq for the exploration, development and production of petroleum resources in the 846 square kilometre Qara Dagh Block in the Sulaymaniya Governorate of the Federal Region of Kurdistan – Iraq and for working capital.

Canaccord Capital Corporation, as lead agent, and Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and Haywood Securities Inc (collectively, the “Agents”) acted as agents for the financing. In consideration for their efforts, the Agents received a cash commission equal to $576,000 and 1,440,000 compensation options that will entitle them to acquire an equal number of Vast common shares at a price of $0.40 per share at any time prior to June 5, 2010.

All securities issued pursuant to the private placement are subject to a four month hold period following the closing date.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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