VULCAN MINERALS INC.-$2,000,000 Private Placement Closes

St. Johns - Newfoundland - Vulcan Minerals Inc. (the Company" TSX: VUL) is pleased to announce that the private placement announced on September 23, 2003 has closed subject to TSX Venture Exchange final approval.

St. Johns - Newfoundland (PRWEB) November 7 2003--- Vulcan Minerals Inc. (the Company" TSX: VUL) is pleased to announce that the private placement announced on September 23, 2003 has closed subject to TSX Venture Exchange final approval. The placement consists of 4,285,715 flow-through common shares at $0.35 for proceeds of $1,500,000 and 1,666,667 units at $0.30 for proceeds of $500,000. Each unit consists of one common share and one-half share purchase warrant with each whole warrant exercisable into one common share at $0.50 until December 31, 2004. The securities are subject to a 4-month hold period. The agent, Jennings Capital Inc., received a commission on the sale of 4,235,715 flow-through shares and 1,566,667 units amounting to 8% of those subscription funds as well as 338,857 agents warrants exercisable at $0.35 and 125,333 agents warrants at $0.50 both warrants expiring on December 31, 2004.

Proceeds of the placement will be used to continue the companys ongoing petroleum exploration and development activities onshore Western Newfoundland and working capital.
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