St. John’s – Newfoundland – Vulcan Minerals Inc. (“the Company” TSX-V: VUL), announces that it has hired Mr. R. Greg Osmond of St. John’s, NL on a full time basis as Corporate Development Manager. Mr. Osmond’s responsibilities will include general corporate development duties and corporate communications. Mr. Osmond has over 26 years of self employed business experience including financial planning, residential and commercial real estate marketing and development as well as private investment fund management. He has consistently attained award-winning marketing results.
The Company announces that it proposes a non-brokered private placement of 62,500 units at $0.40 consisting of one common share and one-half share-purchase warrant, with a whole warrant exercisable at $0.60 for 2 years. Proceeds of $25,000 will be used for general working capital. The placement is subject to TSX Venture Exchange approval.
As well the Company announces that it proposes to grant 100,000 employee incentive stock options exercisable at $0.45 for a 2-year period pursuant to certain vesting requirements, subject to TSX Venture Exchange approval. The Company has reserved for issuance 3,731,838 shares pursuant to its Stock Option Plan of which 2,771,250 have been granted including the grant described herein.
Vulcan Minerals Inc. is a junior exploration company focussed on high impact petroleum exploration in Western Newfoundland (both onshore and offshore) coupled with low risk gas development in Alberta. As well, the Company owns the TL Nickel deposit in Labrador (currently optioned to Nortec Venture Corp) and uranium rights to approximately 100,000 acres within the Bay St. George Basin of Western Newfoundland.