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TSX-V: "VRB"
VANCOUVER, BC, Jan. 5, 2021 /CNW/ - VanadiumCorp Resource Inc.
(TSX-V: VRB) (the "Company") is pleased to announce that the
Company has increased the size of its previously announced private
placement (see press release dated December
31, 2020) to 10 million units ("Units") at a price of
C$0.10 per Unit for total gross
proceeds of C$1 million (the "Private
Placement").
Each Unit is comprised of one common share of the Company (a
"Common Share") and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase one Common
Share for a period of two years at an exercise price of
C$0.15.
All securities issued pursuant to the placement will be
subject to a hold period of four months and one day from the date
of
closing. Proceeds from the placement will be utilized for general
working capital.
The private placement is subject to approval by the TSX Venture
Exchange.
VanadiumCorp Resource Inc. is an integrated green
technology company with strategic vanadium mining assets focused on
commercializing disruptive technologies to both recover vanadium
electrolytes sustainably and harness the further environmental
benefit of their perpetual use in next generation vanadium redox
flow battery "VRFB" systems. The environmental friendliness of
proven VRFB technologies compliment and upgrade the increasing
efficiencies of renewable energy. VRFBs represent the most
sustainable energy storage option to facilitate replacing fossil
fuels in many applications and ability to feed energy surpluses
back into the grid at times when the performance of renewable
energy sources are low or energy is cost prohibitive. VanadiumCorp
also wholly owns one of the largest and metallurgically favorable
vanadium resource base in the world located in mining friendly
Quebec, Canada.
On behalf of the board of VanadiumCorp:
Adriaan Bakker
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE VanadiumCorp Resource Inc.