27.07.2021 Vulcan Energy: $7.88m Kuniko IPO closes heavily subscribed

27.07.2021 Vulcan Energy: $7.88m Kuniko IPO closes heavily subscribed

Key points:

The Directors of Kuniko Limited have resolved to close the Priority and Public Offers (Offers) following an outstanding
response from investors which saw both Offers being heavily oversubscribed.

No further applications will be accepted by Kuniko.

Further to its announcement of 21 April 2021, Vulcan Energy Resources Limited Ltd (ASX: VUL; Vulcan or the Company) is
pleased to advise the close of the $7.88 million IPO raise for the spin out of its wholly owned subsidiary, Kuniko Limited.
The Offers were heavily oversubscribed and the Company would like to thank all shareholders and applicants for their support. The
process was managed in a way to accommodate as many Vulcan shareholders as possible and Kuniko will have over 2,000
shareholders upon listing.

Kuniko is working with the ASX to finalise all listing conditions in order to list on the ASX as soon as possible. Kuniko expects to
complete the listing process in the coming weeks. Refunds on unsuccessful applications under the Offers will be returned closer
to the time of listing.

The Joint Lead Managers to the public offer were Canaccord Genuity and Vert Capital.

Management Comment: Gavin Rezos, Chairman of Vulcan and Kuniko said: On behalf of the Vulcan Directors, I wish to thank our
existing shareholders who participated in the Offers. Given the extraordinary demand and in an effort to accommodate as many
Vulcan applicants as possible, a substantial portion of the public offer was allocated to Vulcan priority offer subscriptions. This
strong shareholder support provides a solid foundation for Kuniko as an exciting zero carbon battery metals exploration and
sustainable development company in Norway.”

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