By Sheri Kasprzak
New York, Feb. 21 - Vulcan Minerals Inc. said it has concluded its previously announced private placement for C$2,495,500.
The company sold 1.43 million non flow-through units at C$0.35 each and 4,987,500 flow-through units at C$0.40 each.
The investors included Technifund Inc., Richard Hernon, Bryan Rakusin and Strategic Capital Partners Inc.
The non flow-through units include one share and one half-share warrant. The whole warrants are exercisable at C$0.50 each for 18 months.
The flow-through units are comprised of one flow-through share and one half-share warrant. The whole warrants are exercisable at C$0.60 each for 18 months.
Dominick & Dominick Securities Inc. is the lead agent in syndicate that also includes Jennings Capital Inc. and Acadian Securities Inc.
The deal was first announced Dec. 14 as a C$1.5 million offering of the same number of non flow-through units and up to 2.5 million flow-through units. It was later upsized to C$2,571,428.
Proceeds will be used for ongoing exploration and for working capital.
Based in St. John's, Newfoundland, Vulcan is a petroleum exploration company.
| Issuer: | Vulcan Minerals Inc.
|
| Issue: | Flow-through and non flow-through units of one share and one half-share warrant
|
| Amount: | C$2,495,500
|
| Placement agents: | Dominick & Dominick Securities Inc. (lead), Jennings Capital Inc., Acadian Securities Inc.
|
| Pricing date: | Dec. 14
|
| Upsized: | Dec. 15
|
| Settlement date: | Feb. 17
|
| Stock symbol: | TSX Venture: VUL
|
| Stock price: | C$0.345 at close Dec. 14
|
| Stock price: | C$0.38 at close Dec. 15
|
| Stock price: | C$0.40 at close Feb. 17
|
|
|
| Non flow-through units
|
| Units: | 1.43 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
|
|
| Flow-through units
|
| Units: | 4,987,500
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
|
|
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