Volcanic Closes Financing
May 20 2010 - 12:57PM
Marketwired
Volcanic Metals Corp. (the "Company" or "Volcanic") (TSX VENTURE:
VOL) is pleased to announce that it has closed the financing
announced on April 14, 2010 in the amount of $1,199,000 in gross
proceeds. The Company has issued 4,796,000 common shares and
2,398,000 common share purchase warrants. The shares are restricted
from trading until September 19, 2010. The share purchase warrants
can be exercised into common shares until May 18, 2012 at a price
of $0.40.
Hidden Placees: 93
ProGroup: Rich Soost - 100,000 and Christian Strigl - 50,000
Insiders: Jonathan Richards - 20,000
Agents Fees: Global Securities Corporation - $700 cash and 2,800
finder's warrants; Macquarie Private Wealth Inc. - $7,175 cash and
28,700 finder's warrants; Canaccord Financial Ltd. - $48,125 cash
and 192,500 finder's warrants; Raymond James Ltd. - $1,750 cash and
7,000 finder's warrants; TD Waterhouse - $7,000 cash and 28,000
finder's warrants. Each Finder's warrant is exercisable under the
same price and conditions as the share purchase warrants issued in
the financing as defined above.
Volcanic intends to use the net proceeds of the Offering for
exploration and development of the Company's properties and for
general working capital.
About Volcanic Metals Corp.
Volcanic Metals Corp. is a mineral exploration company
headquartered in British Columbia, Canada. The company's focus is
on the discovery of base and precious metal deposits of economic
value in Albania. The Company is currently conducting the first
ever geological evaluation by modern exploration methods of the
Gjegjan Mining District located in northeastern Albania. The
Company is listed on the Toronto Venture Exchange under the symbol
VOL.
ON BEHALF OF THE BOARD
VOLCANIC METALS CORP.
John LaGourgue, President, Chief Operating Officer and
Director
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Volcanic Metals Corp. John LaGourgue (604) 568-6312
(604) 357-1419 (FAX) www.volcanicmetals.com Renmark Financial
Communications Inc. Christine Stewart (514) 939-3989 or (416)
644-2020 cstewart@renmarkfinancial.com Renmark Financial
Communications Inc. Barry Mire (514) 939-3989 or (416) 644-2020
bmire@renmarkfinancial.com www.renmarkfinancial.com
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