Canadian Oil

[Tackler]

So is Tristone's job selling done?

Vast Exploration closes $4.2-million private placement

2007-06-26 15:21 MT - News Release

Mr. Mark Brennan reports

VAST EXPLORATION CLOSES $4.2 MILLION PRIVATE PLACEMENT FINANCING

Vast Exploration Inc. has completed a private placement financing for total gross proceeds of approximately $4.2-million. The company increased the size of its previously declared private placement to satisfy demand and has issued a total of approximately 16.9 million units.

Each unit, which comprises one common share and one common-share purchase warrant, was sold at a price of 25 cents. Each warrant entitles the holder to acquire one common share at a price of 27 cents per share until June 22, 2009. Each of the common shares, the warrants and the shares issued upon the exercise of the warrants will be subject to a hold period that will expire on Oct. 23, 2007.

The company intends to use the proceeds from the private placement for exploration and development of its properties, and for general working-capital purposes. The company paid various finders' fees in connection with the placement of portions of the financing.