Volcanic Closes Financing
VOLCANIC METALS CORP.
#700, 510 West Hastings Street Vancouver, British Columbia V6B 1L8 Telephone: (604) 568-6312 Fax: (604) 357-1419
VOLCANIC CLOSES FINANCING
Vancouver, BC, Canada – May 20, 2010 – Volcanic Metals Corp. (the “Company” or “Volcanic”) (TSX-V: VOL) is pleased to announce that it has closed the financing announced on April 14, 2010 in the amount of $1,199,000 in gross proceeds. The Company has issued 4,796,000 common shares and 2,398,000 common share purchase warrants. The shares are restricted from trading until September 19, 2010. The share purchase warrants can be exercised into common shares until May 18, 2012 at a price of $0.40.
Hidden Placees: 93 ProGroup: Rich Soost - 100,000 and Christian Strigl - 50,000 Insiders: Jonathan Richards – 20,000 Agents Fees: Global Securities Corporation - $700 cash and 2,800 finder’s warrants; Macquarie Private Wealth Inc. - $7,175 cash and 28,700 finder’s warrants; Canaccord Financial Ltd. - $48,125 cash and 192,500 finder’s warrants; Raymond James Ltd. - $1,750 cash and 7,000 finder’s warrants; TD Waterhouse - $7,000 cash and 28,000 finder’s warrants. Each Finder’s warrant is exercisable under the same price and conditions as the share purchase warrants issued in the financing as defined above.
Volcanic intends to use the net proceeds of the Offering for exploration and development of the Company’s properties and for general working capital.
About Volcanic Metals Corp.
Volcanic Metals Corp. is a mineral exploration company headquartered in British Columbia, Canada. The company’s focus is on the discovery of base and precious metal deposits of economic value in Albania. The Company is currently conducting the first ever geological evaluation by modern exploration methods of the Gjegjan Mining District located in northeastern Albania. The Company is listed on the Toronto Venture Exchange under the symbol VOL.
ON BEHALF OF THE BOARD
VOLCANIC METALS CORP.
/s/ John LaGourgue John LaGourgue President, Chief Operating Officer and Director
For further information, contact:
Volcanic Metals Corp. Renmark Financial Communications Inc.
John LaGourgue Christine Stewart: [email protected] Tel.: (604) 568-6312 Barry Mire: [email protected] http://www.volcanicmetals.com Tel.: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com
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