Vulcan Minerals Inc. – Arranges $1,000,000 Financing With a Lead Order From Palisades Goldcorp Ltd
ST. JOHN’S, Newfoundland and Labrador, Aug. 11, 2020 (GLOBE NEWSWIRE) — Vulcan Minerals Inc. (“the Company” – “Vulcan” TSX-V: VUL), announces that it proposes to carry out a non-brokered private placement (the “Offering”) for proceeds of up to $1,000,000.00 with a lead order from Palisades Goldcorp Ltd for $500,000.00. Under the terms of the Offering, the Company intends to place 20,000,000 units (the “Units”). The Units will be offered at a price of $0.05 and will consist of one common share and one common share purchase warrant exercisable at a price of $0.10 per common share for a period of three years following the close of the offering.
The proceeds of the offering will be used for mineral exploration activities in Newfoundland and to fund working capital. The securities issued will have a four month hold period as per applicable regulations. The financing is subject to TSX Venture Exchange approval. There will be no finder’s fees or commissions payable.About Palisades Goldcorp Ltd.“Palisades Goldcorp is Canada’s new resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.”About Vulcan Minerals Inc.Vulcan Minerals is a precious and base metals exploration company based in St. John’s Newfoundland. The company has a strategic land position in three active gold exploration and development belts. It also holds approximately 63% of the shares in Red Moon Resources Inc. (TSXV: RMK), an industrial minerals focused company that produces gypsum from its Ace Mine in western Newfoundland. Red Moon also owns a salt project in western Newfoundland containing a NI 43-101 compliant resource of 908 million tonnes of rock salt suitable for road de-icing purposes. This project is at the prefeasibility stage. An updated slide presentation regarding Vulcan’s projects will be available shortly on its website at www.vulcanminerals.ca.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.For information please contact:
Patrick J. Laracy, P.Geo. President