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Vulcan Energy Resources secures $220m capital raising
Global law firm Ashurst has advised Vulcan Energy Resources Limited (Vulcan) on its $220 million capital raising.
Emma Musgrave
Firm: Ashurst (Vulcan Energy Resources Limited).
Value: $220 million.
Area: Finance, corporate.
Key players: The Ashurst team comprised partner Roger Davies, senior associate Ben Stewart, and lawyers Toby Newnes and Cairo Leicester.
Deal significance: As per a statement provided by Ashurst, Vulcan announced the launch of a “fully underwritten placement of new fully paid ordinary shares in Vulcan (Shares) to sophisticated, professional and institutional investors to raise $200 million (Placement), and a non-underwritten share purchase plan to raise up to $20 million (SPP) (Equity Raising)”.
Successful completion of the placement was announced on 16 September.
“The equity raising is an important step in Vulcan’s pursuit to become the world’s first lithium producer with net-zero greenhouse gas emissions, through planned co-generation of geothermal energy to power lithium extraction, without the use of fossil fuels, mining or evaporation ponds,” Ashurst said.
Commenting further, partner Roger Davies said: “We are delighted to be acting for Vulcan on this significant equity raising, the proceeds from which will be used to accelerate Vulcan’s dual renewable energy and lithium development strategy.
“Vulcan’s goal is to become the world’s first Zero Carbon Lithium™ producer, with phase 1 production targeted for CY2024, and we look forward to supporting them through this and future important transactions in its pursuit of that goal.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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