Volcanic Closes Private Placement
VOLCANIC METALS CORP.
Suite 700, 510 West Hastings Street Vancouver, BC V6B 1L8 Tel: (604) 856-9887 / Fax: (604) 319-0447
For Immediate Release TSX-V: VOL
VOLCANIC CLOSES PRIVATE PLACEMENT
January 17, 2014 – Vancouver, BC, Canada. - Volcanic Metals Corp. (the "Company") (TSX-V: VOL) announces that it has closed on $500,000 of the private placement (the "Offering") originally announced on January 8, 2014. Under the terms of the Offering, the Company issued 10,000,000 common shares and 10,000,000 common share purchase warrants (the "Warrants"), for gross proceeds of $500,000.
Each Warrant entitles the holder to acquire one common share of the Company for a period of three years, exercisable at a price of $0.05 per share. The securities sold pursuant to the Offering are subject to a four month hold period expiring on May 18, 2014.
Pursuant to the Offering, Natgar Capital Corp., a corporation controlled by Jeff Durno, has acquired 1,200,000 common shares of the Company and 1,200,000 Warrants. Natgar now has ownership and control over 1,433,200 common shares and 1,311,000 common share purchase warrants of the Company, representing 9.8% of the Company's issued and outstanding shares (17.22% assuming exercise of all of the warrants held by Natgar).
Natgar advises that it has acquired securities of the Company for investment purposes and that it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
On behalf of the Board of Directors
VOLCANIC METALS CORP.
/s/ Michael Iverson
Contact:
Michael Iverson Chief Executive Officer (604) 856-9887 http://www.volcanicmetals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release..
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
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