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- Vulcan Energy (VUL) plans to raise $220 million through a placement and share purchase plan (SPP) to expand its renewable energy and lithium development strategy
- The placement will see around 14.8 million shares issued at an offer price of $13.50 per share to raise $200 million
- Under the SPP, eligible shareholders will be able to purchase up to $30,000 worth of shares at the same price as the placement for further $20 million
- While the capital raise is taking place, Vulcan has entered a trading halt, company shares last traded at $15.90 per share
Vulcan Energy (VUL) is planning to raise $220 million to expand its renewable
energy and lithium development strategy.
The company will raise the money through a placement and share purchase plan (SPP).
The placement will see around 14.8 million shares at an offer price of $13.50 per share — a 15.1 per cent discount to the last closing price — to raise $200 million.
Under the SPP, eligible shareholders will be able to purchase up to $30,000 worth of shares at the same price as the placement for further $20 million.
Funding from the capital raise will support Vulcan’s goal of becoming the world’s first zero-carbon lithium company. Phase one production is targeted for 2024.
Additionally, certain company directors are planning to participate in an additional $1 million placement. However, this is subject to shareholder approval.
While the capital raise is taking place, Vulcan has entered a trading halt.
On the market, company shares last traded at $15.90 per share.
