CALGARY, ALBERTA--(Marketwire - Oct. 6, 2010) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
Vast Exploration Inc. ("Vast" or the "Company") (TSX VENTURE:VST) announces that it has agreed to complete a private placement financing, on a non-brokered basis, for gross proceeds of up to $15,000,000 (the "Offering"). Pursuant to the Offering, the Company has agreed to sell up to 25,000,000 units at a price of
.60 per unit ("Unit"). Each Unit will be comprised of one common share and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder thereof to acquire one Vast common share at a price of
.80 for a period of 18 months following closing.
The Company intends to use the net proceeds from the financing for the continued development of the Qara Dagh Block, related work program and for general corporate purposes.
Mr. Ahmed Said, President and CEO, stated, "We look forward to the successful completion of the current drilling program. With this financing, the Company will have sufficient capital to meet its obligations."
The securities issuable on the Offering will be subject to a statutory hold period of four months plus one day. The Offering is expected to close on or about October 15, 2010. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Company may pay finder's fees on completion of the Offering.
About Vast Exploration Inc.
Vast Exploration Inc. is an independent oil and gas company. Vast is focused on the exploration and development of its principal asset, the Qara Dagh Block, in the Kurdistan region of Iraq. The Qara Dagh Block lies on trend with existing discoveries and is located in the prolific Zagros Fold Belt of Northern Iraq, which contains several large fields including the super-giant Kirkuk field.
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the anticipated use of proceeds; completion of the financing on the terms announced and receipt of all necessary regulatory approvals estimated resource assessment, the prospective nature of the Block, exploration and development plans and projected expenses, receipt of government approvals, and relationships with other companies who hold an interest in the Qara Dagh block. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Resource estimates are based on assumptions and parameters agreed upon, and considered reasonable, by the management of the Company, AJM and the other companies with interests in the Block. Statements regarding timetable of future exploration of the Block are based on the plans set by the companies with interests in the Blocks. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. For a description of some of such risks, please see the Company's annual information form filed under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.