By Sheri Kasprzak
New York, Dec. 15 - Vulcan Minerals Inc. has upsized to C$2,571,428 its previously announced C$1.5 million private placement.
The company now plans to sell up to 1,428,570 common share units at C$0.35 each and up to 5 million flow-through units at C$0.40 each.
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.
The offering is scheduled to close Dec. 31.
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$2,571,428
|
| Placement agents: | Dominick & Dominick Securities Inc. (lead), Jennings Capital Inc., Acadian Securities Inc.
|
| Pricing date: | Dec. 14
|
| Upsized: | Dec. 15
|
| Settlement date: | Dec. 31
|
| Stock price: | C$0.345 at close Dec. 14
|
| Stock price: | C$0.38 at close Dec. 15
|
|
|
| Non flow-through units
|
| Units: | 1,428,570
|
| 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: | 5 million
|
| 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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