Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

More From The Market Herald

" Pure Gold Mining (TSXV:PGM) closes $31M non-brokered private placement

Pure Gold Mining (PGM) has closed the final tranche of a non-brokered private placement for total gross proceeds of C$31,086,144.
St. James Gold - CEO, George Drazenovic (left).

" St. James Gold (TSXV:LORD) revises brokered private placement

St. James Gold (LORD) is reducing the price of the units being offered in its recently announced brokered private placement from $0.60 to...
Traction Uranium

" Traction Uranium (CSE:TRAC) announces new chairman and CFO

Traction Uranium (TRAC) has appointed Mr. Blair Way as the Chairman of the Board of Directors and Tasheel Jeerh as Chief Financial Officer.
FireFox Gold Corp. (TSXV:FFOX) - President & CEO, Carl Löfberg.

" FireFox (TSXV:FFOX) completes initial drilling at its Finland projects

FireFox Gold Corp. (FFOX)has competed initial drilling at its Jessiö, Mustajärvi, and Sarvi Projects in Finland.