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This is an outrageous deal; why can’t all the private investors get this sort of deal?

So far so bad, but it got worse on Monday with Vast’s CFO exercising some of his warrants just to rub private investors’ noses into it.

However what it means in practice is that the number of shares that the warrant-holder gets in return for each warrant is linked to a fixed Black-Scholes value, which in this case, works out as 0.68p, and if the share price drops below that price, more shares are issued for each warrant to make up for it.

Accordingly, Crede can sell and exercise the warrants over time, guaranteeing a return of 0.68p per warrant, regardless of the share price at the time, which generates £1.07 million in total proceeds in relation to the first tranche of investment alone. That is Crede’s reward for risking the £1.25 million up-front investment.

I have no business relationship with any company whose stock is mentioned in this article.

I am part disgusted and part amused by the shocking mess that the Vast Resources (VAST) management team has got itself into recently, all courtesy of a ridiculous funding arrangement that they agreed to in January this year with Crede Capital.

As Roy Pitchford, Vast’s CEO, explained at the time of the initial funding announcement, Crede is clearly a long-term cornerstone investor. From Crede’s point of view, the best case scenario is that the share price flies on the funding announcement and it sells its shares at, say, double the subscription price and, with the warrant bonus too, Crede can generate a return of up to 180% on its investment in 3 months.

So a risk-free annualised return of somewhere between 200% and 700%.

Great deal – who do you think ends up paying for this?

and/or the Ontario Securities Commission (“OSC”) at ca.

The reporting person is the Managing Director of Acuitas Group Holdings, LLC, and may be deemed to beneficially own or control the securities.

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