Vulcan Minerals Sells Offshore Labrador Interests; Shares Just Above Year Lows

By Midnight Trader,  April 16, 2012, 01:57:43 PM EDT

Vulcan Minerals Inc. (VUL.V) today announced that it has entered into an agreement with Investcan Energy Corporation to sell its 30% working interest in exploration licence 1107 offshore Labrador for a cash payment of $1.75 million.

President Patrick Laracy said: "The deal comes at an opportune time for Vulcan as we secure additional cash for the company while refocusing our activities. At the same time we are reducing our ongoing costs associated with this project yet maintaining exposure to certain exploration milestones through the success payments."

VUL is now down by 6% at $0.075, which is just above year lows. About 11,000 VUL shares have changed hands.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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