Vulcan Energy Resources has successfully completed its fully underwritten institutional placement and entitlement offer, raising a substantial €398 million, equivalent to $710 million. The capital raise was achieved through the issue of approximately 178 million new shares, priced at $4.00 or €2.24 each. This offer represents a 34.7 per cent discount compared to the last trade on the Australian Securities Exchange (ASX) and is 21 per cent below the theoretical ex-rights price.
Existing institutional shareholders demonstrated strong support by taking up 23.2 million shares. The remaining shares were eagerly subscribed by a mix of new local and global institutions, indicating strong market confidence in Vulcan Energy’s vision. Settlement of the offer is slated for December 10, with trading of the newly issued shares anticipated to commence on December 12.
Vulcan Energy Resources is focused on producing battery-quality lithium hydroxide from geothermal brine while generating renewable energy. The company aims to become a leading supplier of sustainable lithium to the electric vehicle battery market. The funds raised, along with the broader €2.2 billion Phase One financing package, are earmarked to fully fund Vulcan’s Phase One Lionheart lithium and renewable energy project.
These funds will cover all aspects of the project, including construction, commissioning, and the initial start-up phase. This financial milestone marks a significant step forward for Vulcan Energy as it progresses towards its goal of producing sustainable lithium and renewable energy in Europe.
