RE: Private Placement?may 11 news: as the second last second indicates, june 4 is the target date.
Increase to Private Placement Financing
Vast Exploration Inc. ("Vast" or the "Company") is pleased to announce that it has amended its agreement with a syndicate of agents led by
Canaccord Capital Corporation and including Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and
Haywood Securities Inc.(collectively, the "Agents") to increase the size of the Company'spreviously announced Offering from $5,000,000 to $7,500,000. TheOffering will be on a private placement "best efforts" agency basis ata price of $0.40 per Unit (the "Offering"). Each Unit will be comprisedof one common share and one-half of one common share purchase warrant(the "Unit"), with each whole common share purchase warrant entitlingthe holder thereof to acquire one common share of the Company at aprice of $0.50 for a period of 24 months following the closing of theOffering.
In addition, the Agents will have an option to purchase up to anadditional 6,250,000 Units at the Offering Price, exercisable in wholeor in part at the sole discretion of the Agents for a period of 30 daysfrom the closing of the Offering.
Vast intends to use the net proceeds from the Offering to furtherexploration of the Qara Dagh block and for working capital purposes.The Agents are entitled to receive a cash commission equal to 6% of thegross proceeds raised from the Offering and will be issued compensationoptions that will entitle them to acquire that number of Vast commonshares that is equal to 6% of the Units sold under the Offering for aperiod of 12 months from the closing date.
The Offering is expected to close on or about June 4, 2009. TheOffering is subject to certain conditions including, but not limitedto, the receipt of all necessary regulatory approvals, including theapproval of the TSX Venture Exchange.