Vulcan Energy slumps on dilutive share issue to develop German lithium project

Vulcan Minerals

05/05/2023 02:18

** Vulcan Energy Resources Ltd  VUL.AX  slumps as much as
18.3% to A$5.03, its lowest level since June 23
    ** On Thursday, launched an A$109 mln ($73.07 mln) share
placement to progress its zero carbon lithium project in Germany
    ** Under placement, VUL to issue 21.4 mln new shares at
A$5.10 per share - a 17.2% discount to last close on Wednesday
    ** Newly issued shares represent 24.1% of VUL's free float
of 88.81 mln shares
    ** VUL marks its worst intraday drop since June 14; more
than 1.1 mln shares change hands, vs the 30-day average of
217,426 shares
    ** VUL down 2.7% this year, as of last close

($1 = 1.4916 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))