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blueship
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VOLCANIC METALS EXPLORATION INC. ANNOUNCES COMPLETION OF PRIVATE PLACEMENT

Volcanic Metals Exploration has received regulatory approval on March 18, 2004, for the private placement previously announced in Stockwatch on Dec. 8, 2003, and Jan. 26, 2004. The corporation raised $413,300 for 2,066,500 common shares and 1,033,250 share purchase warrants, to purchase 1,033,250 shares at 30 cents, through private placement agreements with arm's-length third parties. Each warrant will entitle the subscriber to purchase one additional share exercisable for 18 months at a price of 30 cents per share. The majority of the shares and warrants are subject to a hold period until July 23, 2004. One-half of the shares and warrants (187,500 shares and 93,750 warrants) subscribed for by professional investors will be subject to an extended hold period to Nov. 23, 2004. The shares issued under the private placement do not result in a change of control or a control voting block. Compensation in the form of cash equal to 10 per cent of the gross proceeds raised by Golden Capital Securities Corp. and Canaccord Capital Corp. (the agents) and share purchase warrants equal to 10 per cent of the share issuance, exercisable at 30 cents per warrant, for a one-year period will be paid to the agents for a portion of and in connection with this private placement. The warrants will be subject to an accelerated expiry date in the event that the corporation's shares trade at a trigger price of 50 cents. The triggering event will be based on the 20-day average closing price of the corporation's shares. If the trigger price is achieved before the 18-month expiry date, holders of the warrants will be notified in writing and the expiry date will be shortened to 45 days from the date set out on the notice. The proceeds will be used for property option payments (Newfoundland, Nunavik and Quebec) as well as geoscientific compilations.


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