Vulcan Minerals Inc: Finances Red Moon Potash Inc.
May 22, 2013 — St. Johns’s, Newfoundland & Labrador (Source: Marketwired) — Vulcan Minerals Inc. (“the Company” – “Vulcan”) (TSX VENTURE:VUL) announces that it proposes to carry out a $250,000 non-brokered private placement (the “Offering”) in Red Moon Potash Inc. (“Red Moon”) for 2,500,000 units (the “Units”). The Units will cost $0.10 and will consist of one common share and one-half of a common share purchase warrant (the “Warrants”), with each full warrant exercisable at a price of $0.25 per common share for a period of two years following the closing date of the offering. The proceeds of the offering will be used to fund mineral exploration activities in western Newfoundland and general working capital. The shares issued will have a four month hold period as per applicable securities law. Vulcan currently owns 57.75% of the outstanding common shares of Red Moon and will own, assuming the financing closes, 60.53% of the issued common shares or 61.78% if the warrants are exercised (without further dilution). The financing is subject to TSX Venture Exchange approval.
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.
Shares Issued: 58,526,129
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>