PERTH (miningweekly.com) - ASX-listed Vulcan Energy has completed a A$200-million share placement to advance its Zero Carbon lithium project, in Germany.
The company earlier this week announced plans for a A$220-million capital raise, consisting of a A$200-million share placement to sophisticated, professional and institutional investors, and a A$20-million share purchase plan (SPP).
Vulcan on Thursday announced that it had now received firm commitments for all of the underwritten share placement, which was priced at A$13.50 a share, with the placement strongly supported by both new and existing shareholders, including Hancock Prospecting.
“We would like to thank our existing shareholders, including Hancock Prospecting and new environmental and social governance-focused institutional shareholders, for supporting us in this placement to accelerate and expand our integrated renewable energy and lithium development strategy,” said Vulcan MD and CEO Dr Francis Wedin.
“We are now well positioned to pursue the targeted acquisition and upgrade of existing brownfield energy and brine infrastructure, to de-risk and grow our development plans, as well as to increase our production pipeline from our existing licence areas.
“This also allows us to complete the targeted acquisition and refurbishment of exploration equipment which will assist with executing on our project development in a timely manner.”
Settlement of the placement will take place on September 21.
Meanwhile, the SPP will open on September 24 and close on October 13.