VR COMPLETES FINANCINGS, FOR AGGREGATE GROSS PROCEEDS OF APPROXIMATELY $2.3 MILLION.
October 14 2022 - 5:18PM
VR Resources Ltd. (
TSX.V:
VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company” or “VR”) is
pleased to announce, further to its news releases dated September
15 and 26, 2022, the second and final closing of the previously
announced non-brokered Flow Through private placement (the “FT
Financing”). In connection with the second tranche closing of the
FT Financing, the Company issued today an additional 1,670,000 FT
Units (as defined below). In addition to the FT Financing, the
Company recently completed its second and final closing of its
non-brokered Hard dollar private placement (the “Hard dollar
Financing”, and collectively, the “Financings”) (see NR22-11,
NR22-12 and NR22-14 dated August 19, August 30 and September 26,
2022, respectively). The closing of the Financings is in concert
with the start-up of the fall drill program to follow-up on the
Company’s discovery of high grade REE critical metal mineralization
on its Hecla-Kilmer property in northern Ontario (see NR22-15 dated
Oct. 12, 2022).
The aggregate gross proceeds raised from the
Financings is $2,256,060. The break down is as follows:
- FT Financing,
consisting of 5,051,667 units (“FT Units“) at a
price of $0.18 per FT Unit for total gross
proceeds of $909,300.
- Hard dollar
Financing, consisting of 8,417,250 units (“Units“)
at a price of $0.16 per Unit for total gross
proceeds of $1,331,600.
Supporting Information on Financings
Each of the FT Units and the Units consists of
one flow-through common share and one non-flow through common
share, respectively, and one-half of a common share purchase
warrant, with each whole warrant entitling the holder to purchase
an additional non-flow through common share at $0.25 for a period
of 18 months from the respective closing dates of the
Financings.
In connection with the Financings, the Company
paid aggregate cash fees totaling $50,772.00 to certain
finders.
The securities that were issued under the
Financings are subject to a four month hold period commencing from
the respective closing dates of such Financings.
VR will use the gross proceeds from the Hard
dollar Financing for its mineral exploration business, including
active exploration on its various mineral properties held in
Ontario, Canada and Nevada, USA. VR will use the gross proceeds
from the FT Financing for mineral exploration on its Hecla-Kilmer
property in northern Ontario, and more specifically for a drill
program planned for this fall on its Hecla-Kilmer critical metals
discovery in northern Ontario. For example, the
start-up of the fall drill program to follow-up on the Company’s
discovery of high grade REE critical metal mineralization at its
Hecla-Kilmer property in northern Ontario was announced on October
12, 2022, with a field video from the drill site available on the
Hecla-Kilmer project page on the Company’s website at www.vrr.ca
.
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
VR is an established junior exploration company
focused on greenfields opportunities in critical metals, copper and
gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the
continuance of 4 years of active exploration by a Vancouver-based
private company. The diverse experience and proven track record of
its Board in early-stage exploration, discovery and M&A is the
foundation of VR. The Company is well-financed for its corporate
obligations and mineral exploration plans which are focused on
underexplored, large-footprint mineral systems in the western
United States and Canada. VR owns its properties outright and
evaluates new opportunities on an ongoing basis, whether by staking
or acquisition.
The Company continues its normal course of
business in 2022 within the framework of modified exploration
programs in response to the COVID-19 pandemic, with the goal of
ensuring the health and safety of staff and project personnel.
ON BEHALF OF THE BOARD OF
DIRECTORS:
"Michael H.
Gunning"_____________________________Dr. Michael H.
Gunning, PhD, PGeoPresident & CEO
For general information please use the
following: |
|
Website: |
www.vrr.ca |
|
Email: |
info@vrr.ca |
|
Contact: |
Michael Gunning, CEO, @ mgunning@vrr.ca; |
Work: 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 on its various mineral properties
held in Ontario, Canada, and Nevada, USA.
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 filings can be accessed via
www.sedar.com, and readers are urged to review these disclosure
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
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