By Devika Patel
Knoxville, Tenn., Oct. 27 - Vulcan Minerals Inc. said it plans a C$5.09 million private placement of stock.
The company will sell 4.7 million flow-through common shares at C$0.65 each. It also will sell 3.7 million units of one common share and a half-share warrant at C$0.55 per unit.
The whole warrants are exercisable at C$0.75 for two years, but may expire sooner if the volume-weighted average trading price of the company's shares exceeds $1.40 for 20 consecutive trading days.
Jennings Capital Inc. and D&D Securities Co. are the agents.
Proceeds will be used exploration, development and working capital.
Vulcan is a mining company based in St. John's, Newfoundland, and Labrador.
| Issuer: | Vulcan Minerals Inc.
|
| Issue: | Flow-through common shares, units of one common share and a half-share warrant
|
| Amount: | C$5.09 million
|
| Agent: | Jennings Capital Inc. and D&D Securities Co.
|
| Pricing date: | Oct. 27
|
| Stock symbol: | TSX Venture: VUL
|
| Stock price: | C$0.60 at close Oct. 26
|
| Market capitalization: | C$26.7 million
|
|
|
| Shares
|
| Amount: | C$3,055,000
|
| Shares: | 4.7 million
|
| Price: | C$0.65
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$2,035,000
|
| Shares: | 4.7 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
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