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Vulcan Energy Resources Ltd. ( (AU:VUL) ) has issued an update.
Vulcan Energy Resources has completed the retail component of its pro rata accelerated non-renounceable entitlement offer, raising approximately €147 million (A$263 million) at A$4.00 per new share, as part of a broader equity raising that totals about €545 million (A$973 million) when combined with earlier institutional elements. Around 7.7 million new shares were taken up by eligible retail shareholders, while approximately 58 million shortfall shares will be allotted to strategic investor HOCHTIEF, lifting its stake in Vulcan to about 15.41% and removing the need for a previously planned conditional top-up placement, thereby simplifying the company’s capital-raising structure and fully funding Phase One Lionheart development costs through to first cash flow generation.
The most recent analyst rating on (AU:VUL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Vulcan Energy Resources Ltd. stock, see the AU:VUL Stock Forecast page.
More about Vulcan Energy Resources Ltd.
Vulcan Energy Resources Limited is an ASX- and FSE-listed company focused on developing its Phase One Lionheart project, a large-scale lithium and renewable energy development in Europe. The company is progressing an integrated financing and construction strategy aimed at bringing the project through commissioning, start-up and into initial cash flow generation, supported by substantial institutional and strategic investor backing.
Average Trading Volume: 2,617,419
Technical Sentiment Signal: Buy
Current Market Cap: A$1.97B
For a thorough assessment of VUL stock, go to TipRanks’ Stock Analysis page.