I am sure liking how this play is setting up. First, $4.5M PP closed and all cashed up, second RMK is trading at $1.07 today and represents over $32M in cash to VUL if they can exit, and finally, follow the money is the game, Sprott in for $2M..... I built my position right here, now time to be patient, July/August already near, then a great fall...
ST. JOHN’s, Newfoundland and Labrador, June 25, 2021 (GLOBE NEWSWIRE) -- Vulcan Minerals Inc. (the “Company” - “Vulcan” TSX-V: VUL), announces that it has closed its non-brokered private placement previously announced on June 8, 2021 and subsequently increased to $4,500,000 to accommodate investor interest (the “Offering”). Pursuant to the Offering, the Company issued 22,500,000 units at a price of $0.20 per unit for gross proceeds of $4,500,000, with each unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share in the capital of the Company at a price of $0.30 per share for a period of 30 months from the date of issuance.
The warrants are subject to an accelerated expiry clause, such that in the event that the closing price of the Company’s shares on the TSX Venture Exchange (“TSXV”) is $0.50 or greater per share during any 10 consecutive trading day period at any time subsequent to four months and one day after the closing date of the Offering, all warrants issued in connection with the Offering will expire at 4:00 pm Newfoundland time on the 30th day after the date on which the Company provides notice of such accelerated expiry to the holders of the warrants.
Early Warning Disclosure
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 10,000,000 units under the Offering for approximate consideration of $2,000,000. Subsequent to the closing of the Offering, Mr. Sprott beneficially owns or controls 10,000,000 common shares of the Company and 10,000,000 warrants, representing approximately 9.5% of the issued and outstanding common shares of the Company on a non-diluted basis and approximately 17.3% of the issued and outstanding common shares of the Company on a partially diluted basis assuming exercise of the warrants acquired hereunder and forming part of the units. Prior to the Offering, Mr. Sprott did not beneficially own or control any securities of the Company.