- Vulcan Minerals (VUL) has arranged a non brokered private placement to raise $4,000,000
- The offering will consist of 20,000,000 units priced at $0.20 per unit
- Eric Sprott has indicated he will purchase 10,000,000 units for proceeds of $2,000,000
- The proceeds of the offering will be used primarily for mineral exploration in Newfoundland and Labrador
- Vulcan Minerals is a precious and base metals exploration company based in St. John’s, Newfoundland
- Vulcan Minerals Inc. (VUL) opened trading at C$0.24 per share
Vulcan Minerals (VUL) has arranged a non brokered private placement for proceeds of $4,000,000.
The offering will consist of 20,000,000 units priced at $0.20 per unit. Each unit consists of one common share and one common share purchase warrant exercisable at $0.30 for a period of 30 months following the close of the offering.
Should the closing price of the company’s shares on the TSXV be $0.50 or higher during any 10 consecutive trading days at any time after four months and one day after the closing date, all warrants in this offering will expire at 4:00 pm Newfoundland time 30 days after the company provides notice to warrant holders.
Mr. Eric Sprott has indicated he will participate through the purchase of 10,000,000 units for proceeds of $2,000,000.
Patrick Laracy, President commented
“We welcome Mr. Sprott as a significant shareholder in Vulcan given his enthusiasm for the mining potential of Newfoundland and Labrador. As a local company, we are very excited to be actively engaged in the exploration resurgence currently underway in the province. The proposed financing will expedite our exploration efforts.”
The proceeds of the offering will be used by the company for mineral exploration in Newfoundland and Labrador and for general working capital purposes. The securities issued will have a four-month hold period as per applicable regulations. The financing is subject to TSX Venture Exchange approval.
Vulcan Minerals is a precious and base metals exploration company based in St. John’s, Newfoundland. The company has strategic land positions in multiple active Newfoundland gold exploration and development belts.
Vulcan Minerals Inc. (VUL) opened trading at C$0.24 per share.
