Funds managed by Lawrence Asset Management Inc. participate in private placement of Vast Exploration Inc.



    TORONTO, June 16 /CNW/ - Lawrence Asset Management Inc. ("LAMI") has
filed an early warning report in respect of 3,000,000 Units of Vast
Exploration Inc. ("Vast") it has acquired on behalf of funds it manages ("the
Funds"). LAMI is an Investment Manager and has control and direction over the
common shares and warrants of Vast held within the Funds. Each Unit issued in
the private placement consisted of one common share and half of a share
purchase warrant, each warrant exercisable at a price of $0.90 per warrant
until June 12, 2010. This increases the Funds' control or direction from
3,587,000 common shares and 6,587,000 warrants to 6,587,000 common shares and
8,087,000 warrants, representing approximately 12.7% of the common shares of
Vast outstanding currently on a partially diluted basis.
    3,587,000 common shares of Vast Exploration Inc. ("Vast") have
subsequently been sold by funds managed by LAMI ("the Funds"). This reduces
the Funds' control or direction from 6,587,000 common shares and
8,087,000 warrants to 3,000,000 common shares and 8,087,000 warrants,
representing approximately 9.6% of the common shares of Vast outstanding
currently on a partially diluted basis.
    The shares of Vast were sold to realize gains for investors subsequent to
a recent announcement of the completion of a Production Sharing Contract with
Vast's partner Niko Resources Ltd. in Kurdistan that resulted in significant
appreciation of Vast's share price. The Funds continue to hold a significant
position in Vast and LAMI has a positive outlook for further price
appreciation of the shares going forward.
    The interest in Vast were acquired by the Funds in the ordinary course of
business, for investment purposes only, and not for the purpose of exercising
control or direction over Vast and the Funds may, depending on market
conditions, increase or decrease its holdings of Vast.

    Lawrence Asset Management is a specialized global asset management firm
with interests and investments in Canada and around the world. We provide
investors with access to niche oriented investment funds from growth to yield
to specific geographic regions and industry sectors.

    %SEDAR: 00005433E




For further information:

For further information: Catherine Stretch, (416) 362-6283,
info@lawrenceasset.com, www.lawrenceasset.com

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LAWRENCE ASSET MANAGEMENT

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