Business
Vulcan Minerals Inc. Offshore License Issued-Financing Completed
Vulcan Minerals Inc. Offshore License Issued-Financing Completed.
About this update from Vulcan Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nST. JOHN'S, Jan. 25 /CNW/ - Vulcan Minerals Inc. (\"the Company\" \nTSX-V: VUL), announces that it has closed the remaining portion of the \nnon-flow-through private placement reported on January 3, 2006. The placement\nconsisted of 285,000 units at $0.35 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 for 18 months. The agents received a \n7 percent cash commission and 28,500 broker warrants, each broker warrant is\nexercisable into one common share at $0.50 for a period of 12-months. The\nproceeds will be used for working capital. The securities are subject to a \n4-month hold period and final approval by the TSX Venture Exchange.\nThe Company also reports that it has received Offshore Exploration\nLicense No. 1098 from the Canada-Newfoundland & Labrador Offshore Petroleum\nBoard pursuant to the December 2005 Call for Bids process. Vulcan is a 50%\ninterest holder in the license situated off the west coast of Newfoundland.\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\nThe TSX Venture Stock Exchange has not reviewed and does not accept\n responsibility for the adequacy or accuracy of this release.\n%SEDAR: 00003997E\n\n\n","length":1724,"tagName":"div"}]