Volcanic Closes Financing
Vancouver, BC, Canada – May 20, 2010 – Volcanic Metals Corp. (TSX-V: VOL) “Volcanic” 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.
/s/ John LaGourgue
John LaGourgue
President, Chief Operating Officer and Director
For further information contact:
John LaGourgue
604-568-6312
http://www.volcanicmetals.com
or
Renmark Financial Communications Inc.
Christine Stewart
(514) 939-3989 or (416) 644-2020
cstewart@renmarkfinancial.com
or
Renmark Financial Communications Inc.
Barry Mire
(514) 939-3989 or (416) 644-2020
bmire@renmarkfinancial.com
www.renmarkfinancial.com
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. |
