Business
Vulcan Minerals Inc. Closes Private Placement
Vulcan Minerals Inc. Closes Private Placement.
About this update from Vulcan Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nST. JOHN'S, Jan. 3 /CNW/ - Vulcan Minerals Inc. (\"the Company\" TSX-V:\nVUL), is pleased to report that the private placement in respect to $2,385,750\nannounced on December 15, 2005 closed on December 29, 2005, subject to final\nTSX Venture Exchange approval. An additional $100,000 portion of the non-flow\nthrough units is expected to close on or before January 13, 2006. The\nplacement consisted of 4,962,500 flow-through units at a price of $0.40 per\nunit consisting of one common share and one-half of a common share purchase\nwarrant. One whole warrant is exercisable into one common share (non-flow\nthrough) at a price of $0.60 for 18 months. Also, 1,145,000 common share units\nat a price of $0.35 per unit were issued consisting of one common share and\none-half common share purchase warrant each whole warrant is exercisable into\none common share at a price of $0.50 per share for 18 months. The agents\nreceived a 7% cash commission plus broker warrants amounting to 10% of the\ntotal units sold. The warrants are exercisable into common shares at $0.50 per\nunit for a period of 12 months. The proceeds are to be used for the Company's\nongoing exploration program and working capital. The securities are subject to\na 4-month hold period.\n\nVulcan is a junior exploration company focussed on exploring for\npetroleum in Western Newfoundland both onshore and offshore. The Company also\nowns petroleum rights over an area prospective for coalbed methane in Western\nNewfoundland. As well, the Company owns mineral rights to a nickel/copper\ndiscovery in Labrador and a gold prospect in Central Newfoundland. Both\nmineral projects have been optioned out to Nortec Ventures Corp.\n\n The TSX Venture Stock Exchange has not reviewed and does not accept\n responsibility for the adequacy or accuracy of this release.\n\n%SEDAR: 00003997E\n\n\n","length":1910,"tagName":"div"}]