Shares of Vulcan Energy Resources (ASX:VUL) fell in recent Friday trade after it said in a late Thursday filing that it had completed a 30 million euros strategic placement to fund critical development work for its phase one Lionheart project.
The company's shares fell almost 10% in recent trade.
The placement comprised 15.8 million shares at AU$3.40 apiece, a 7.3% discount to the 15-day volume-weighted average price, led by a 15 million euros investment from BNP Paribas' Clean Energy Solutions Fund, with the balance subscribed by select strategic and institutional investors, including existing shareholders, the filing said.
Placement proceeds will fund key early-stage and de-risking activities for phase one of the Lionheart project, ensuring continued momentum toward engineering, procurement, and construction management commencement in October, the filing added.
The placement is expected to settle on July 17, with new shares to be allotted on July 18.
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