Vulcan Minerals Inc. Closes $1,000,000 Financing With A Lead Order From Palisades Goldcorp
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
News Release
August 26, 2020
Vulcan Minerals Inc. Closes $1,000,000 Financing With A Lead Order
From Palisades Goldcorp
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the
Company” - “Vulcan” TSX -V: VUL) , announces that it has closed its non
brokered private placement announced on August 11, 2020 for total proceeds of
$1,000,000. Under the terms of the offering, the company placed 20,000,000 units
at a price of $0.05 consisting 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. Palisades Goldcorp was the lead order on the financing.
The proceeds of the offering will be used to finance mineral exploration activities
in Newfoundland and for working capital. The securities issued have a four-month
hold period as per applicable regulations . There are no finders' fees or
commission’s payable. The financing is subject to final TSX Venture Exchange
approval.
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 63% of the shares in Red
Moon Resources Inc. (TSXV: RMK), an industrial minerals 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
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
at the prefeasibility stage. An updated slide presentation regarding Vulcan’s
projects is available on its website at www.vulcanminerals.ca.
About Palisades Goldcorp
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.
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
(709) 754-3186
www.vulcanminerals.ca