ST. JOHN'S, Jan. 25 /CNW/ - Vulcan Minerals Inc. ("the Company"
TSX-V: VUL), announces that it has closed the remaining portion of the
non-flow-through private placement reported on January 3, 2006. The placement
consisted of 285,000 units at $0.35 consisting of one common share and
one-half common share purchase warrant. Each whole warrant is exercisable into
one common share at a price of $0.50 for 18 months. The agents received a
7 percent cash commission and 28,500 broker warrants, each broker warrant is
exercisable into one common share at $0.50 for a period of 12-months. The
proceeds will be used for working capital. The securities are subject to a
4-month hold period and final approval by the TSX Venture Exchange.
The Company also reports that it has received Offshore Exploration
License No. 1098 from the Canada-Newfoundland & Labrador Offshore Petroleum
Board pursuant to the December 2005 Call for Bids process. Vulcan is a 50%
interest holder in the license situated off the west coast of Newfoundland.
Vulcan is a junior exploration company focussed on exploring for
petroleum in Western Newfoundland both onshore and offshore. The Company also
owns petroleum rights over an area prospective for coalbed methane in Western
Newfoundland. As well, the Company owns mineral rights to a nickel/copper
discovery in Labrador and a gold prospect in Central Newfoundland. Both
mineral projects have been optioned out to Nortec Ventures Corp.
The TSX Venture Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00003997E
