did lfd take part
Vast completes private placement for $3.03-million
2012-02-06 18:09 ET - News Release
Mr. Sig Slotboom reports
VAST CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FINANCING TOTALING $3,031,000 FOR BOTH TRANCHES
Vast Exploration Inc. has closed the second and final tranche of its private placement financing first announced on Oct. 19, 2011.
The second tranche was composed of 15.7 million common shares of the company for total gross proceeds of $785,000. The private placement has now closed, and total gross proceeds raised from the first and second tranches were an aggregate of $3,031,000.
As part of the second tranche, the company paid a 5-per-cent finders' fee to Meridian Securities U.K. Ltd. in the amount of $25,000 and to Northern Securities Inc. in the amount of $250 for the portion of the financing attributable to each of them.
The company intends to use the net proceeds from the financing to finance its commitments under a production-sharing contract related to the Qara Dagh block in the Kurdistan region of Iraq and for working capital for the next stage of exploration. Vast and its partners under the PSC are currently exploring various options with regard to the Qara Dagh block, including potential farm-out and joint-venture-type transactions.
All securities issued pursuant to the second tranche are subject to a four-month hold period following the closing date. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture Exchange approval.
We seek Safe Harbor.