19.7 C
Belgrade
Supported byspot_img
spot_img

Vulcan Energy Resources obtains funding for Zero Carbon Lithium project in Germany

Member of Europium Groupspot_img
Supported byspot_img

Vulcan Energy Resources has successfully raised €40m ($43m) through a private placement to bolster the construction of its phase one integrated Zero Carbon Lithium Project in Germany.

The private placement involved the issuance of ten million shares to CIMIC Group for €25m, five million shares to Hancock Prospecting for €12.5m, and one million shares to Victor Smorgon Group for €2.5m. Priced at €2.50 each, the new shares were offered at a 9% discount to Vulcan’s 30-day volume-weighted average price and will share equal status with existing ordinary shares.

These strategic investments are pivotal for funding pre-execution activities in the final stage of project financing and ensuring adherence to the project’s execution schedule.

Supported by

CIMIC’s investment of €25m establishes the company as a significant shareholder in Vulcan, holding a 6% stake in the outstanding share capital. Hancock Prospecting, with this additional investment, has increased its stake to 7.5%, becoming Vulcan’s second-largest shareholder.

The proceeds will facilitate early validation works for the engineering procurement and construction management (EPCM) contract for Vulcan’s phase one lithium plant, as well as support engineering activities and the pre-ordering of long-lead items.

EPCM validation will be overseen by CIMIC’s subsidiary Sedgman and HOCHTIEF.

Cris Moreno, Vulcan’s managing director and CEO, expressed enthusiasm about the investments, emphasizing their timing amidst significant progress in developing phase one of the flagship integrated renewable energy and Zero Carbon Lithium™ Project. He noted that these substantial investments would enable the early commencement of vital validation works, ensuring momentum on the project timeline and optimizing the overall execution program as they move towards final funding and construction.

Moreno also welcomed CIMIC Group as a substantial shareholder and commended the increased investment by long-term shareholder Hancock Prospecting, highlighting their extensive experience in delivering major projects globally, which aligns with Vulcan’s strategy of producing Europe’s first sustainable battery-grade lithium products.

Supported byElevatePR Digital

Related News

Rio Tinto challenges Serbian government with arbitration notice on Jadar project

Background of the dispute: Jadar project and environmental protests The British-Serbian activist group Earth Thrive has reported that Rio Tinto has officially notified the Serbian...

There is no technology that guarantees the safe processing of lithium in the form it exists in Serbia

The Rio Tinto lithium mining project has never been conclusively dismissed, just paused, waiting for the dust to settle before being reintroduced with even...

“Jadar” will not pollute river streams

As the discussion about the "Jadar" project has reignited in recent days, the public in Serbia remains confused by the extremely contradictory narratives about...

Serbia’s lithium mining revival: Implications for EU membership and geopolitics

Serbia is aiming to position itself as a significant supplier of lithium in Europe, reviving a contentious mining project that was previously abandoned due...
Supported by
Supported by
Supported by
error: Content is protected !!