Vast Exploration raises $8.55 million in private placement

Tue. June 09, 2009; Posted: 02:19 PM

Jun 09, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- VSTFF | Quote | Chart | News | PowerRating -- Vast Exploration, Inc., a Canada-based explorer, developer, and producer of conventional and non-conventional oil and gas reserves, has completed a private placement of 25 million units at a price of CAD0.40 ($0.34) per unit for total gross proceeds of CAD10 million ($8.55 million).

Announcement (May 8, 2009):

Vast Exploration has entered into an agreement with a syndicate of agents to raise up to CAD5 million ($4.27 million) in a private placement.

The company will issue its units at a price of CAD0.40 ($0.34) per unit. Each unit will comprise one common share and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder thereof to acquire one common share at a price of CAD0.50 ($0.42) for a period of 24 months following the closing of the transaction.

As part of the transaction, the agents are entitled to receive a cash commission equal to a 6% of the gross proceeds of the transaction which is expected to close on or about June 4, 2009.

Canaccord Capital Corporation, Genuity Capital Markets, Macquarie Capital Markets Canada, Ltd., and Haywood Securities, Inc. are acting as placement agents.

Deal Value (US$ Million) 8.55
Deal Type                Private Placement
Sub-Category             None
Deal Status              Completed: 2009-06-05

Deal Participants

Target (Company)   Vast Exploration Inc.
Acquirer (Company) Undisclosed Investors

Deal Rationale

Vast Exploration would use the net proceeds from the offering to further exploration of its Qara Dagh block and for working capital purposes.

Offer Price ($ per share) 0.34
No. Shares Issued         25000000

For full details for VSTFF click here.

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