Vast Exploration Inc. (TSXV: VST) intends to complete a non-brokered private placement financing for gross proceeds of up to $2 million.
In connection with the private placement, Vast will sell up to some 13.3 million common shares at $0.15 per share.
Closing of the financing is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issuable in connection with the financing will be subject to resale restrictions for a period of four months plus one day from the closing date. The closing date of the Offering is scheduled to be on or about Nov. 14.
Net proceeds will be used to strengthen the corporate balance sheet, pay outstanding liabilities, pursue potential acquisition opportunities and for general corporate purposes. Vast may pay finder's fees in connection with the financing.
Vast Exploration Inc. is an independent energy company focused on the exploration and development of oil and gas properties primarily located in Colombia. The company is headquartered in Calgary.
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