By Sheri Kasprzak
New York, May 1 - Volcanic Metals Exploration Inc. has negotiated a C$1 million private placement.
The non-brokered deal includes up to 2 million units.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for one year.
Proceeds will be used for exploration on the company's mineral properties in Colorado and for future mineral property acquisitions. The rest will be used for working capital.
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$1 million (maximum)
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| Units: | 2 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
|
| Stock symbol: | TSX Venture: VME
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| Stock price: | C$0.54 at close April 28
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