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Vast Exploration Shrs Up 22%; Receives Dec 5 TSXV Approval For 30-Day Extension To Complete Non-Brokered Private Placement Up To $5M

Vast Exploration Inc (VST.V), an independent oil and gas company focused on the exploration and development of its principal asset, the Qara Dagh Block, in the Kurdistan region of Iraq, this week announced that it has applied to, and has received TSXV approval for a 30 day extension to complete the non-brokered private placement financing announced on October 19, 2011, for gross proceeds of up to $5 million and extending the financing period to January 5, 2012.

As reported on November 22, 2011, Vast has completed the first tranche of this equity financing where it has issued and sold 44,920,000 common company shares at a price of five cents per Share for total gross proceeds of $2,246,000. For the total private placement, Vast will sell up to 100 million shares at five cents per share for gross proceeds of $5 million. 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.

Vast shares are currently trading at 5.5 cents, up 22% from yesterday's close. More than 1.58 million shares have been traded so far.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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