West Perth-based base metals miner Vulcan Resources Ltd has raised $52 million ahead of its debut on the Oslo over-the-counter market this week.
The full text of a company announcement is pasted below
Vulcan Resources Limited ("Vulcan") (ASX: VCN) is pleased to announce that it has completed a $52 million dollar fundraising and listing on OTC Oslo.
Vulcan shareholders took up $15.5 million through a Rights Issue at $0.45/share. An additional $3 million was raised at $0.45/share from LinQ Securities through rights attached to its Convertible Note.
The remaining $33.5 million was raised from clients of Scandinavian stockbroking group, Pareto Securities, Oslo, through its guarantee to place the Rights Issue shortfall.
The shortfall shares will be listed on the Oslo OTC market under the symbol 'VCNR' and trading is expected to commence in the week beginning 6 August 2007.
Vulcan's Managing Director, Dr Alistair Cowden said funds raised through the Issue will be used to advance the development of the Company's Kylylahti Copper-Cobalt-Nickel Project and Kuhmo Nickel Project in Finland.
"Vulcan is delighted to receive the support from Pareto Securities, as well as major shareholders and small shareholders alike," said Dr Cowden.
"Vulcan has now transformed into a company, with a strong European support base that is well funded to advance its two base metal projects, Kylylahti Copper and Kuhmo Nickel," he said.
