By Angela McDaniels
Tacoma, Wash., June 5 - Vast Exploration Inc. said it closed its previously announced private placement of units, raising C$10 million.
The deal priced for C$5 million on May 8 and was upsized to C$7.5 million on May 11. The C$10 million total includes the exercise of the underwriters' C$2.5 million over-allotment option.
In total, the company sold 25 million units of one common share and one half-share warrant at C$0.40 per unit. Each whole warrant is exercisable at C$0.50 for two years.
The syndicate of underwriters was led by Canaccord Capital Corp. and included Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and Haywood Securities Inc. They received a cash commission of C$576,000 and 1.44 million compensation options that will entitle them to acquire an equal number of common shares at a price of C$0.40 per share at any time prior to June 5, 2010.
The proceeds will be used for working capital and to fund the company's commitments under a production-sharing contract with the Kurdistan Regional Government.
Vast Exploration is an oil and gas exploration and production company based in Calgary, Alta.
| Issuer: | Vast Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 5, 2011
|
| Warrant strike price: | C$0.50
|
| Underwriters: | Canaccord Capital Corp. (lead), Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and Haywood Securities Inc.
|
| Pricing date: | May 8
|
| Upsized: | May 11
|
| Settlement date: | June 4
|
| Stock symbol: | TSX Venture: VST
|
| Stock price: | C$0.42 at close May 7
|
| Market capitalization: | C$44.4 million
|
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