NWN - Correction: VanadiumCorp Announces a Non-Brokered Private Placement Financing
(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 24, 2023 – VanadiumCorp ResourceInc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the"Company") The Company is pleased to announce a non-brokeredprivate placement financing (the “Financing”) of up to $1.5million dollars.
The Financing will consist of up to 15,000,000 units(“Units”) priced at $0.10 per Unit for gross proceeds of up to$1,500,000. Each Unit will consist of one common share of theCompany and one purchase warrant to acquire an additional common shareat $0.18 for a period of two years.
Directors and officers of the Company may acquiresecurities under the Financing, which participation would beconsidered to be a “related party transaction” as defined underMultilateral Instrument 61-101 (“MI 61-101”). Such participationis expected to be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101.
The Company will pay finders’ fees in cash and brokerpurchase warrants bearing same terms as the Unit warrants. Allshares issued pursuant to the Financing and any shares issued throughthe exercise of warrants will be subject to a four-month hold from theclosing date. The Financing is subject to TSXV Exchange approval.
Proceeds of the financing will be used formetallurgical test work for the Company’s Lac Dorévanadium-titanium-iron deposit and the procurement of equipment forits production test facility for high-quality vanadium electrolyte foruse in vanadium redox flow batteries (VRFB).
VanadiumCorp's CEO Paul McGuigan, P. Geo. stated,"We are delighted that equipment procurement for our electrolytefacility is on schedule. VanadiumCorp will be able to plan productionfor the expanding global market for this key ingredient inlong-duration vanadium redox flow batteries.”
About VanadiumCorp ResourceInc.
VanadiumCorp Resource Inc. seeks to produce a reliablestream of high-quality vanadium electrolytes for the expandinginternational market for long-duration Vanadium Redox Flow Batteries(VRFB). The Company's initial manufacturing facility is based inVal-des-Sources, Québec. Stable, long-term access to vanadiumfeedstock for the electrolytes is assured, success-contingent ondeveloping our wholly-owned vanadium-titanium-iron mineral deposits.Our flagship project is the Lac Doré property near Chibougamau,Québec.
An introduction to the Company by our ExecutiveChairman, Ian Mallory, can be viewed as a Greenshoe Media Group videoat: https://www.youtube.com/watch?v=-gjU26_osDc
VanadiumCorp Resource Inc.
Paul McGuigan, P. Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com
Company website: www.vanadiumcorp.com
For more information, contact Mr. McGuigan, or:
Gilles Dupuis, P.Eng.
Director, Chief Operating Officer
gd@vanadiumcorp.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S.PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESSRELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TOPURCHASE ANY SECURITIES DESCRIBED IN IT.
Forward-Looking Statements
This document may containforward-looking statements (including "forward-lookinginformation" within the meaning of applicable Canadian securitieslaws and "forward-looking statements" within the meaning ofthe US Private Securities Litigation Reform Act of 1995) regarding,among other things, VanadiumCorp's business. and the environment inwhich it operates. In general, forward-looking statements can beidentified by the use of words such as "anticipates","expects" or "does not expect", "isexpected", "budget", "forecast","estimates", "forecasts", "intends","anticipates" or "does not anticipate", or"believes", or variations of such words and phrases orstatements that certain actions, events or results "may","could", "would", "could" or "willbe taken", "occur" or "will be achieved".VanadiumCorp's relies on a number of assumptions and estimates to makethese forward-looking statements, including, without limitation, theability to acquire the necessary permits and authorizations to advancethe Lac Doré property to the production stage, the ability to add toexisting resources at Lac Doré through drilling, the costs associatedwith the development and operation of its properties. Theseassumptions and estimates are made in light of forecasts andconditions that are considered relevant and reasonable based onavailable information and current circumstances. A number of riskfactors may cause actual results, level of activity, performance orresults of such exploration and/or mine development to differmaterially from those expressed or implied by such forward-lookingstatements, including, without limitation, whether such discoverieswill result in commercially viable quantities of such mineralizedmaterials, the ability to modify project parameters as planscontinue to be refined, the ability to execute planned futureexploration and drilling programs, the need for additional financingto continue exploration and development efforts, changes in generaleconomic, market and business conditions, and other risks outlined inVanadiumCorp's latest Annual Information Form under the heading"Risk Factors" and in its other public documents.Forward-looking statements are not guarantees of future performanceand such information is inherently subject to known and unknown risks,uncertainties and other factors that are difficult to predict and thatmay be beyond VanadiumCorp's control. Although VanadiumCorp hasattempted to identify important risks and factors that could causeactual actions, events or results to differ materially from thosedescribed in the forward-looking statements, there may be otherfactors and risks that cause actions, events or results not to be asanticipated, estimated or intended. Accordingly, undue reliance shouldnot be placed on these forward-looking statements. In addition, allforward-looking statements in this press release are made as of thedate of this press release. VanadiumCorp disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired by applicable securities laws. The forward-looking statementscontained herein are expressly qualified by this disclaimer.
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