Vulcan Minerals Inc. – Arranges $1,000,000 Financing With a Lead Order From Palisades Goldcorp Ltd.
Vulcan Minerals Inc (C:VUL)
Shares Issued 61,352,765
Last Close 8/10/2020 $0.07
Tuesday August 11 2020 – News Release
Mr. Patrick Laracy reports
VULCAN MINERALS INC. – ARRANGES $1,000,000 FINANCING WITH A LEAD ORDER FROM PALISADES GOLDCORP LTD
Vulcan Minerals Inc. is proposing to carry out a non-brokered private placement for proceeds of up to $1-million with a lead order from Palisades Goldcorp Ltd. for $500,000. Under the terms of the offering, the company intends to place 20 million units. The units will be offered at a price of five cents and will consist of one common share and one common share purchase warrant exercisable at a price of 10 cents per common share for a period of three years following the close of the offering. The proceeds of the offering will be used for mineral exploration activities in Newfoundland and to finance working capital. The securities issued will have a four-month hold period as per applicable regulations. The financing is subject to TSX Venture Exchange approval. There will be no finders’ fees or commissions payable.
About Vulcan Minerals Inc.
Vulcan Minerals is a precious and base metals exploration company based in St. John’s, Nfld. The company has a strategic land position in three active gold exploration and development belts. It also holds approximately 63 per cent of the shares in Red Moon Resources Inc., an industrial minerals focused company that produces gypsum from its Ace mine in western Newfoundland. Red Moon also owns a salt project in western Newfoundland containing a National Instrument 43-101-compliant resource of 908 million tonnes of rock salt suitable for road deicing purposes. This project is at the prefeasibility stage. An updated slide presentation regarding Vulcan’s projects will be available shortly on its website.
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