Vulcan Energy Resources (ASX:VUL) has completed the retail component of a non-renounceable entitlement offer, held on a one-for-1.18 pro-rata basis to raise around €147 million ($275 million).
The company issued around 58 million shortfall shares to HOCHTIEF under the retail component of the raising, with a total issue of 66 million shares. The company holds a 15.41% stake in Vulcan following completion of the retail offer.
The greater offer intends to secure €2.2 billion of financing to fund development at the Phase One Lionheart Project in the Upper Rhine Valley of Germany. Proceeds will be deployed to construction, commissioning, and start-up costs for first cash flow generation at the project.
The offer closed on 23 December 2025, orchestrated by Canaccord Genuity and Morgan Stanley Australia as joint global coordinators, lead managers, underwriters, and bookrunners for this equity raising. ABN AMRO Bank also acted as the joint lead manager for this raising.
To date, Vulcan has raised around €545 million through the equity raising.
Vulcan Energy is focused on developing its integrated lithium and renewable energy project in Germany to decarbonise battery production.
Write to Maddison Elliott at Mining.com.au
Images: Vulcan Energy Resources
