Canadian Oil

[Tackler]

Vast to raise $4-million, names Brennan as president

2007-05-08 12:46 MT - News Release

Mr. Mark Brennan reports

VAST ANNOUNCES NEW PRESIDENT & CEO, AND CHAIRMAN OF THE BOARD

Vast Exploration Inc., effective as of June 1, 2007, has appointed Mark Brennan as president and chief executive officer of the company. In addition, effective immediately,
Stan Bharti has been appointed as chairman of the company and Tito Gandhi has been appointed a member of the Vast board of directors.

Mr. Brennan, the former chairman of the board of directors of the company, has over 20 years of capital market experience. He is the president of Largo Resources Inc., and is the founder and principal of Linear Capital Corporation. Mr. Bharti commented, "Mr. Brennan's appointment is timely, as his experience and knowledge of the company will be key in what the board believes is a new phase of growth for the company."

Don Parker has resigned as the president, chief executive officer and a director of the company, effective as of June 1, 2007. Mr. Parker has agreed to continue with the company in a consulting capacity.

Tony Wonnacott has resigned as the corporate secretary and a director of the company. Patrick Gleeson has been appointed as the corporate secretary of the company. The proposed changes to the management and board of the company remain subject to regulatory approval.

The company is also pleased to announce that it plans to raise up to $4-million through a non-brokered financing of units priced at 25 cents per unit. Each unit would consist of one common share and one common share purchase warrant. Each common share purchase warrant would entitle the holder to purchase a common share of the company at an exercise price of 27 cents for a period of two years following closing. The proceeds from the private placement would be used by the company for exploration and development of its properties, and for general working capital purposes. The private placement financing remains subject to regulatory approval.

The board has granted the following options to purchase common shares of the company at the price of 27 cents per common share to Mr. Brennan (250,000 options), Mr. Bharti (250,000 options), Dean Louis (200,000 options), Maurice Colson (100,000 options), Mr. Gandhi (100,000 options) and Mr. Gleeson (100,000 options).