Vulcan eyes A$109m capital raise
PERTH (miningweekly.com) – ASX-listed Vulcan Energy has launched a A$109-million single tranche share placement to sophisticated and professional investors to progress its renewable energy and lithium project.
The company will place 21.4-million shares at a fixed price of A$5.10 each, representing a 17.2% discount to Vulcan’s last trading price on the ASX, and a 14.1% discount to the company’s ten-day volume weighted average share price.
The new shares will be issued under the company’s existing placement capacity and will not require shareholder approval.
Vulcan told shareholders on Thursday that proceeds from the placement, along with existing cash, would be used to progress its Zero Carbon lithium project, including ordering long-lead capital items for the Phase 1 lithium plant, and for the Phase 1 renewable energy plant.
Funds will also be used on other Phase 1 project executions, including drilling of new production wells, the acquisition of land for a lithium extraction plant and brine production sites, to fund engineering costs associated with the Phase 1 execution and for its in-house lithium extraction sorbent co-investment for local commercial production.
Funds will also go towards three-dimensional seismic acquisition for the Phase 2 development.
Phase 1 of the Zero Carbon lithium project, in Germany, has estimated a capital cost of €1.49-billion, and will produce 240 000 t/y of lithium hydroxide monohydrate, with more than 300 GWh/y of renewable power and more than 250 GWh/y of renewable heat production.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...
VISIT SHOWROOM
Occupational health services, mobile clinics, wellness campaigns, aviation.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
