Hi Buckey;
Vulcan Minerals Inc. - $600,000.00 Financing
Stock Symbol: ASE:VUL
Shares issued: 9,907,000
ST. JOHN'S, NF, Nov. 24 /CNW/ - Vulcan Minerals Inc. (the company,
ASE:VUL) announces that it has entered into an agreement with Octagon Capital
Canada Corporation (Octagon) of Calgary, Alberta, to raise $600,000.00 by way
of private placement through the issuance of 3,000,000 units at 0.20 cents per
unit by December 31, 1999. Each unit consists of one common share and one-half
of a share purchase warrant. Each full share purchase warrant allows the
holder to purchase one common share at 0.28 cents for 15 months following the
closing of the issue. The common shares issued pursuant to the unit will be
80% eligible as flow-through shares with applicable tax benefits for 1999. The
offering will be marketed by Octagon on a best efforts basis and will receive
a commission of 8% of the proceeds and an agents option of 10% of the units
subscribed, with each share purchase warrant exercisable at 0.28 cents for a
period of 18 months. It is the Company's intent to clear the shares issued as
free-trading shares by April 30, 2000. The proceeds from the offering are
planned to be used in the company's ongoing Western Newfoundland petroleum
exploration program and for working capital. This proposed private placement
is subject to approval of the Alberta Stock Exchange.
The Alberta Stock Exchange neither approves nor disapproves of the
information contained herein.
-30-
For further information: please contact Mr. Patrick Laracy, President of
Vulcan Minerals Inc. at (709) 754-3186, fax (709) 754-3946 or Email:
laracy@thezone.net, Website: info-mine.com
VULCAN MINERALS INC. has 18 releases in this database. |
