By Sheri Kasprzak
New York, May 9 - Volcanic Metals Exploration Inc. has doubled the size of its previously announced private placement to C$2 million from C$1 million.
The non-brokered deal now includes up to 4 million units of one share and one half-share warrant.
The whole warrants are exercisable at C$0.75 each for one year.
The deal priced May 1 as a C$1 million offering of up to 2 million units.
The proceeds will be used for exploration on the company's properties in Colorado as well as for working capital and general corporate purposes.
Volcanic Metals is a Toronto-based mineral exploration company focused on uranium and vanadium projects.
| Issuer: | Volcanic Metals Exploration Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$2 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.75
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| Placement agent: | Non-brokered
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| Pricing date: | May 1
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| Upsized: | May 9
|
| Stock symbol: | TSX Venture: VME
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| Stock price: | C$0.57 at close May 1
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| Stock price: | C$0.59 at close May 9
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