Vulcan Energy Resources (ASX:VUL) will raise 74 million euros via the placement of around 28 million shares at 3.57 euros apiece, according to a Wednesday filing with the Australian bourse.
Unnamed strategic investors agreed to subscribe for 26 million euros in a concurrent placement to raise 100 million euros in total, the filing said.
Additionally, the company will offer eligible shareholders on the register as of Dec. 10 the opportunity to participate in a share purchase plan to raise up to 12.2 million euros.
Proceeds will be used for the first phase of the Lionheart project in Germany and working capital to finalize the company's equity and debt project financing package, according to the filing.
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