February 06, 2019
Vulcan Minerals Inc. – Closes Financing
St. John’s, Newfoundland and Labrador – Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), announces that it has closed the second tranche of its non-brokered private placement announced on December 12, 2018 for total proceeds of $149,998. Under the terms of the offering, the company placed 1,960,000 units (second tranche) and 866,636 flow-through units (first tranche). The units were placed at a price of $0.05 and consist of one common share and one-half of a common share purchase warrant, with each full warrant exercisable at a price of $0.12 per common share for a period of two years. The flow-through units were placed at $0.06 and consist of one common share and one-half of a common share purchase warrant, with each full warrant exercisable at a price of $0.12 per common share for a period of two years.
The proceeds of the offering will be used for working capital and to finance exploration activities in Newfoundland. The securities issued have a four-month hold period as per applicable securities law. There are no finders’ fees or commissions payable. The financing is subject to final TSX Venture Exchange approval.
Insiders of the Company have subscribed for 866,636 flow-through units and 860,000 units. The insider participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) in that the fair market value of the consideration for the securities of the company issued to the insiders does not exceed 25 per cent of the company’s market capitalization.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
For information please contact:
Patrick J. Laracy, President