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Vulcan Minerals Closes C$4,500,000 Non-Brokered Private Placement
ST. JOHN’s, Newfoundland and Labrador, June 25, 2021 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (the “Company” - “Vulcan” TSX-V: VUL), announces that it has close
About this update from Vulcan Minerals Inc.
[{"type":"text","content":" ST. JOHN’s, Newfoundland and Labrador, June 25, 2021 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (the “Company” - “Vulcan” TSX-V: VUL), announces that it has closed its non-brokered private placement previously announced on June 8, 2021 and subsequently increased to $4,500,000 to accommodate investor interest (the “Offering”). Pursuant to the Offering, the Company issued 22,500,000 units at a price of $0.20 per unit for gross proceeds of $4,500,000, with each unit consisting 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 issuance. The warrants are subject to an accelerated expiry clause, such that in the event that the closing price of the Company’s shares on the TSX Venture Exchange (“TSXV”) is $0.50 or greater per share during any 10 consecutive trading day period at any time subsequent to four months and one day after the closing date of the Offering, all warrants issued in connection with the Offering will expire at 4:00 pm Newfoundland time on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the warrants. The proceeds of the Offering will be used for mineral exploration in Newfoundland and Labrador and for general working capital purposes. The securities issued have a four month hold period as per applicable securities regulations and the policies of the TSXV. Insiders purchased an aggregate of 225,000 units pursuant to the Offering. The insider participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) in that the fair market value of the consideration for the securities of the Company issued to the insiders does not exceed 25% of the Company’s market capitalization. Finder’s fees in the aggregate amount of $60,900 cash and 304,500 finders’ warrants were paid in connection with the Offering. The finder’s warrants have the same terms as the unit warrants. 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 explora...