VST Vast sells one million shares to RAB Special Situations
2005-04-22 17:49 ET - News Release
Mr. Neil Warrender of RAB Special Situations reports
RAB SPECIAL SITUATIONS L.P./VAST EXPLORATION INC.-ANNOUNCEMENT
RAB Special Situations LP subscribed for a total of one million units of Vast Exploration Inc. at a price of 50 cents per unit. Each unit consists of one common share in the capital of the company and one-half of one share purchase warrant of the company. Each whole warrant entitles Special Situations to acquire one additional share of the company at a price of 65 cents per warrant share for a period of 18 months from the closing date. The transaction took place off the market by way of private placement and closed on March 29, 2005.
Special Situations has ownership of and control over the securities purchased in the private placement. The purchased securities represent approximately 8.83 per cent of the issued and outstanding shares on a partially diluted basis (assuming exercise of the warrants).
Immediately after the private placement, Special Situations owned 1,466,667 shares and 966,667 warrants, representing approximately 13.94 per cent of the issued and outstanding shares on a partially diluted basis and William Philip Seymour Richards, who may be considered a joint actor with Special Situations, owned 166,667 shares and 166,667 warrants, representing approximately 2 per cent of the issued and outstanding shares on a partially diluted basis.