Vulcan launches underwritten institutional placement to raise A$200 million and announces non-underwritten share purchase plan available to eligible existing Vulcan shareholders to raise up to a further A$20 million
Proceeds from the Offer, together with existing cash, to be applied to:
o Targeted acquisition and refurbishment of exploration equipment;
o Targeted acquisition and upgrade of existing brownfield energy and brine infrastructure;
o Expanded project development; and o General working capital and costs of the Offer.
The Offer coincides with Vulcan’s inclusion in the S&P/ASX300 index, which is set to occur on 17 September 2021
Subject to shareholder approval, certain Vulcan directors will participate in a further placement to raise up to A$1 million, at the same issue price as the placement and share purchase plan
Funding to support Vulcan’s goal of becoming the world’s first Zero Carbon Lithium™ Company, with phase 1 production targeted for CY2024