Volcanic Closes Financing and Commences Drilling
October 19 2010 - 1:41PM
Marketwired
Volcanic Metals Corp. ("Volcanic") (TSX VENTURE: VOL) is pleased to
announce that it has closed its non-brokered private placement
announced on September 21, 2010, issuing a total of 3,661,501
flow-through common shares (the "Shares") at a price of $0.15 per
Share for gross proceeds of approximately $549,225. The Shares are
subject to a hold period expiring February 16, 2011.
Volcanic will use the offering proceeds to fund the initial
exploration and drilling of a test well on each of Aldon Oils
Ltd.'s 320-acre Viewfield Property and Brownstone Resource Ltd.'s
6,400-acre Moosomin Property, both located in the Southeast
Saskatchewan Bakken resource play. Volcanic will earn a 15% working
interest in the Viewfield test well, and a 12.5% working interest
in the Moosomin test well. Following the completion and evaluation
of the test wells, Volcanic will have the option to continue
participating in the projects.
John LaGourgue, President of Volcanic states, "We are very
pleased at the opportunity to participate in the evaluation of
these two prospective stage projects with Aldon and Brownstone,
both very successful and experienced exploration and drilling
companies focused on the Bakken."
For more information, please visit the company website at
www.volcanicmetals.com.
ON BEHALF OF THE BOARD
VOLCANIC METALS CORP.
John LaGourgue, President, Chief Executive 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
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