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Vulcan Minerals (TSXV:VUL) has announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $1 million from the placement of up to 20 million units priced at $0.05 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 36 months.

Additional Information:

Company: Vulcan Minerals
Website: http://www.VulcanMinerals.ca
Stock Symbol: TSXV: VUL
Date Published: Aug 11, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Vulcan Minerals, a precious and base metals exploration company, has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $1 million from the placement of up to 20 million units priced at $0.05 per unit.

The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 36 months.

The shares are currently trading at $0.07.

Proceeds will be used for mineral exploration activities in Newfoundland and for working capital.

Based in St. John’s Newfoundland, Vulcan 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, 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, which is at the prefeasibility stage, containing a NI 43-101 compliant resource of 908 million tonnes of rock salt suitable for road de-icing purposes.

Vulcan recently acquired, through staking, an additional 214 mineral claims in the Gander Belt, which extends over 100 kilometers, in central Newfoundland.

Newfound Gold Corp. has reported drill results within the belt of up to 92.86 grams per tonne gold over 19.0 meters including 285.2 grams per tonne gold over 6.0 meters.

Patrick Laracy, President, stated: “Its encouraging to see the increasing interest in gold exploration in Newfoundland. We have assembled strategically located properties over the last couple of years and look forward to an accelerated rate of exploration as the equity markets improve for the junior mining sector. Our local knowledge of Newfoundland geology and exploration history helps us generate selective exploration projects.”

The company has already commenced its 2020 exploration season with further exploration work in all three gold belts planned for this year subject to financing.

Palisades Goldcorp will be taking down $500,000 of the offering.

Palisades Goldcorp, Canada's new resource focused merchant bank, is headed by CEO Colin Kettell and has a management team with 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, Palisades’ management believes the sector is on the cusp of a major bull market move and is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.

For more information, please visit the company’s website at www.VulcanMinerals.ca, contact Patrick J. Laracy, P.Geo., President, at 709-754-3186 or by email at laracy@VulcanMinerals.ca.

I’m Megan Edwards for Investmentpitch Media