Non-brokered deal proceeds slated for exploration of Qara Dagh
By Devika Patel
Knoxville, Tenn., Feb. 6 - Vast Exploration Inc. said it raised C$785,000 in the second and final tranche of a C$3.03 million non-brokered private placement of stock. The deal priced for C$5 million on Oct. 19 and raised C$2.25 million on Nov. 22.
The company sold 60.62 million common shares at C$0.05 apiece, a 9.09% discount to the Oct. 18 closing share price of C$0.055. It sold 44.92 million shares in the first tranche and 15.7 million shares in the second.
Meridian Securities UK Ltd. was paid a finder's fee.
Proceeds will be used for exploration of the Qara Dagh Block in the Kurdistan Region of Iraq and general working capital for the next phase of exploration.
Vast Exploration is an oil and gas exploration and production company based in Calgary, Alta.
| Issuer: | Vast Exploration Inc.
|
| Issue: | Common shares
|
| Amount: | C$3,031,000
|
| Shares: | 60.62 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 19
|
| Settlement date: | Nov. 22 (for C$2,246,000), Feb. 6 (for C$785,000)
|
| Stock symbol: | TSX Venture: VST
|
| Stock price: | C$0.05 at close Oct. 19
|
| Market capitalization: | C$16 million
|
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