- Vulcan Minerals (VUL) announced it has closed its non-brokered private placement
- The company issued 22.5 million units at a price of C$0.20 per unit
- Gross proceeds raised totalled $4,500,000
- Proceeds will be used for mineral exploration in Newfoundland and Labrador
- Vulcan Minerals is 4.17 per cent, trading at $0.25 at 10:19 am ET
Vulcan Minerals (VUL) announced it has closed its non-brokered private placement.
The Newfoundland mineral exploration company issued 22.5 million units at a price of C$0.20 per unit.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share in the capital of the company at a price of $0.30 per share for a period of 30 months from the date of issue.
The company plans to use the gross proceeds of $4,500,000 for mineral exploration in Newfoundland and Labrador.
The company paid finder’s fees of $60,900 cash and 304,500 finders’ warrants in connection with the offering.
The company also announced that mining investor Eric Sprott, through a numbered corporation that is beneficially owned by him, acquired 10,000,000 units under the offering for approximate consideration of $2,000,000.
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 is 4.17 per cent, trading at $0.25 at 10:19 am ET.