- Vulcan Energy Resources (VUL) closes its priority and initial public offerings (IPO) to raise $7.88 million for the spin out of its Kuniko subsidiary
- Based in Norway, Kuniko aims to list on the ASX in the coming weeks
- Upon listing, the company will have more than 2000 shareholders
- Chairman Gavin Rezos says the support gives Kuniko a solid foundation as a zero-carbon battery metals explorer and sustainable developer
- Vulcan's shares closed at $8.91 on July 26
Vulcan Energy Resources (VUL) has closed its priority and initial public offerings (IPO) to raise $7.88 million for the spin out of its wholly owned Kuniko subsidiary.
Announced back in April, the move will see Kuniko focus on developing copper, nickel, and cobalt projects in Scandinavia for the European battery metals market — allowing VUL to focus on developing its core Zero Carbon Lithium project in Germany.
The company said the oversubscribed offers worked to accommodate as many applications as possible, having secured more than 2000 Kuniko shareholders.
The subsidiary is now working to finalise all conditions to list on the ASX as soon as possible and expects to complete the process in the coming weeks.
Vulcan and Kuniko Chairman Gavin Rezos thanked the company's existing shareholders who participated in the offers.
"Given the extraordinary demand and in an effort to accommodate as many Vulcan applicants as possible, a substantial portion of the public offer was allocated to priority offer subscriptions," he said.
"This strong shareholder support provides a solid foundation for Kuniko as an exciting zero-carbon battery metals exploration and sustainable development company in Norway."
VUL advised refunds on unsuccessful applications would be returned closer to the time of listing.
Shares in Vulcan Energy Resources closed at $8.91 on July 26, 2021.