VR Resources Closes First Tranche of a Private Placement for Gross Proceeds of $760,000
October 21 2019 - 6:30PM
VR Resources Ltd. (
TSX.V: VRR; FSE: 5VR; OTCBB:
VRRCF) (the “Company” or “VR”) is pleased to announce that
it has closed the first tranche of the non-brokered private
placement detailed in a news release dated
October 16,
2019. The first tranche closing consists of
1,999,998 flow-through common shares issued at a
price of
$0.38 per flow-through common share for
gross proceeds of
$760,000.
The securities that were issued under the
flow-through private placement (the Financing) are subject to a
four month hold period under Canadian securities law expiring on
February 22, 2020.
In connection with the Financing, the Company
paid cash fees of $30,000 and issued 78,947 finder warrants
exercisable at $0.50 per warrant share for a period of 18 months
from the closing date.
Use of proceeds from the Financing will be for
exploration of the Ranoke property located in the Province of
Ontario.
The securities have not been registered under
the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any U.S. state securities laws, and
may not be offered or sold in the “United States” or to “U.S.
persons” (as such terms are defined in Regulation S under the U.S.
Securities Act) without registration under the U.S. Securities Act
and all applicable state securities laws or compliance with an
exemption from such registration. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful.
About VR Resources
ON BEHALF OF THE BOARD OF
DIRECTORS:
“Michael H.
Gunning”_____________________________Dr. Michael H.
Gunning, PhD, PGeo President & CEO
For general information please use the following:
Website:
www.vrr.ca Email:
info@vrr.ca
Phone:
Michael Gunning
604-262-1104
Forward Looking Statements
This press release contains forward-looking
statements. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions or are those which, by
their nature, refer to future events. Forward looking
statements in this release, for example include but are not limited
to the Company plans to carry out exploration surveys on its Ranoke
property.
Although the Company believes that the use of
such statements is reasonable, there can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future performance, and that actual results may differ materially
from those in forward-looking statements. Trading in the securities
of the Company should be considered highly speculative.
All of the Company’s public disclosure filings
may be accessed via www.sedar.com and readers are urged to review
these materials.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in Policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release