Vulcan Energy Secures EUR 40 Million Equity Investment from Key Players

Vulcan Energy Resources Limited has successfully signed agreements with CIMIC Group, Hancock Prospecting, and Victor Smorgon Group securing a total equity investment of EUR 40 million. The investment occurs as part of a capital increase excluding subscription rights.

Under the agreements, CIMIC Group, a subsidiary of HOCHTIEF AG, will invest EUR 25 million, Hancock Prospecting Pty Ltd EUR 12.5 million, and Victor Smorgon Group EUR 2.5 million. The placement price for the new shares is set at EUR 2.50 per share.

This capital increase will involve issuing 16 million new shares. Post-transaction, CIMIC will hold approximately 6% of Vulcan Energy, while Hancock Prospecting will increase its stake to about 7.5%.

The raised funds will be utilized for early validation works for the Engineering Procurement and Construction Management contract for Vulcan’s Phase One lithium plant, among other engineering activities and pre-ordering long lead items.