- Vulcan Energy (VUL) successfully completes a fully underwritten share placement — tapping investors for $109 million (€66 million)
- The company says the placement was strongly supported by existing and new shareholders, including a new ESG-focused institutional investor, Baillie Gifford
- VUL CEO and MD Francis Wedin thanked shareholders for their support and says it’s shaping up to be an “exciting, transformative year” for Vulcan
- The settlement of the placement is scheduled for May 11, while trading of the new shares will commence on May 15 on both the ASX and FSE
- Shares in VUL are down 17.2 per cent and trading at $5.10 at 11:59 am AEST
Vulcan Energy (VUL) has successfully completed its fully underwritten share placement — tapping investors for $109 million (€66 million).
The company said the raise was strongly supported by existing and new shareholders, including global ESG-focused institutions such as Baillie Gifford.
Vulcan Energy Managing Director and CEO Francis Wedin thanked shareholders for their support and said it was an exciting time ahead for the company.
“The ~300-strong Vulcan team remains focused on the execution of phase one of our industry-leading Zero Carbon Lithium project, providing the European market with a critically-needed secure supply of sustainable, battery-grade lithium hydroxide for the electric vehicle market, as well as increased renewable energy supply for energy and climate security,” Dr Wedin said.
He said the proceeds raised through the placement would enable the company to deliver its integrated renewable energy and lithium project execution strategy in line with the recently-published DFS development plan.
“It is shaping up to be an exciting, transformative year for Vulcan, with the planned start-up of optimisation plants towards training for commercial operational readiness, production well development to increase current brine flow, completion of bridging engineering, award of key contracts and ordering of commercial long lead items for our phase one commercial plants,” Dr Wedin said.
Shares in VUL were down 17.2 per cent and trading at $5.10 at 11:59 am AEST.