Bactech Environmental Corp. press release
Vulcan Minerals Inc. Closes Private Placement
CSE - Canadian National Stock Exchange · Gold · Silver · Arsenic · Iron · Nickel · Copper · Cobalt · Rare Earth Elements · Canada
ST. JOHN'S, Jan. 3 /CNW/ - Vulcan Minerals Inc. ("the Company" TSX-V: VUL), is pleased to report that the private placement in respect to $2,385,750 announced on December 15, 2005 closed on December 29, 2005, subject to final TSX Venture Exchange approval. An additional $100,000 portion of the non-flow through units is expected to close on or before January 13, 2006. The placement consisted of 4,962,500 flow-through units at a price of $0.40 per unit consisting of one common share and one-half of a common share purchase warrant. One whole warrant is exercisable into one common share (non-flow through) at a price of $0.60 for 18 months. Also, 1,145,000 common share units at a price of $0.35 per unit were issued consisting of one common share and one-half common share purchase warrant each whole warrant is exercisable into one common share at a price of $0.50 per share for 18 months. The agents received a 7% cash commission plus broker warrants amounting to 10% of the total units sold. The warrants are exercisable into common shares at $0.50 per unit for a period of 12 months. The proceeds are to be used for the Company's ongoing exploration program and working capital. The securities are subject to a 4-month hold period.
Vulcan is a junior exploration company focussed on exploring for petroleum in Western Newfoundland both onshore and offshore. The Company also owns petroleum rights over an area prospective for coalbed methane in Western Newfoundland. As well, the Company owns mineral rights to a nickel/copper discovery in Labrador and a gold prospect in Central Newfoundland. Both mineral projects have been optioned out to Nortec Ventures Corp.
The TSX Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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