Vulcan Energy Resources has successfully secured a total of €40m ($43m) through a private placement to support the construction work for its phase one integrated Zero Carbon Lithium Project in Germany. Under the terms of the private placement, Vulcan issued ten million shares to CIMIC Group for €25m, five million shares to Hancock Prospecting for €12.5m, and one million shares to Victor Smorgon Group for €2.5m.
The new shares, priced at €2.50 each, were offered at a 9% discount to Vulcan’s 30-day volume-weighted average price and will rank equally with existing ordinary shares.
These strategic investments are crucial for funding pre-execution activities during the final stage of project financing and for maintaining the deterministic execution schedule of the project. CIMIC’s €25m investment will establish the company as a substantial shareholder in Vulcan, holding a 6% stake in the outstanding share capital.
