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| Home : Vulcan Minerals Inc. - Finances Red Moon Potash Inc. |
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May 22
2013 |
Vulcan Minerals Inc. - Finances Red Moon Potash Inc. |
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ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - May 22, 2013) - 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. |
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| Source:http://www.marketwire.com/mw/release.do?id=1793748&sourceType=3 |
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