NWN - VANADIUMCORP Announces a Financing and Appointment of a New Quebec Director
(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 20, 2022 – VanadiumCorp Resources Inc. (TSXV:VRB)(OTC:APAFF) (FSE:NWN) (the “Company”) is pleased toannounce a non-brokered flow-through financing of up to $1 million andnon-flow-through financing of up to $3 million for a total aggregateof up to $4 million.
The flow-through portion will comprise of up to 8,500,000 flow-throughunits (“FT Units”) at a price of $0.12 per FT Unit for grossproceeds of up to $1,020,000. Each FT Unit will consist of oneflow-through common share (as defined in subsection 66(15) of theIncome Tax Act) and one transferable warrant exercisable to purchaseone non-flow-through common share at a unit price of $0.18 for aperiod of 24 months from the date of issue.
The non-flow-through portion will comprise of up to 30,000,000 units(“NFT Units”) at a price of $0.10 per NFT Unit for gross proceedsof up to $3 million. Each NFT Unit will consist of one common shareand a transferable warrant exercisable to purchase an additionalcommon share at a unit price of $0.18 for a period of 24 months fromthe date of issue.
Directors and officers of the Company may acquire securities underthis offering, which participation would be considered to be a“related party transaction” as defined under MultilateralInstrument 61-101 (“MI 61-101”). Such participation is expected tobe exempt from the formal valuation and minority shareholder approvalrequirements of MI 61-101.
A finder’s fee may be paid to eligible finders in accordance withthe TSX Venture Exchange policies. All securities issued pursuant tothe offering will be subject to a hold period of four months and oneday from the closing date. The offering and payment of finders’ feesare both subject to approval by the TSX-V.
The Company will use the net proceeds from the financing forexploration and metallurgical testing on the Company’s wholly-ownedmineral properties and general corporate purposes.
MR. GILLES DUPUIS, P.ENG., A NEWDIRECTOR
In establishing a renewed focus on business fundamentals, we arepleased that Gilles Dupuis, P. Eng. has accepted the appointment as aDirector of the Company. Mr. Dupuis is a well-respected engineeringprofessional with 49 years of experience in the design, finance,construction, and operation of major engineering projects in Quebecand worldwide. He held senior leadership positions in the engineeringfirm BPR Inc. and, upon a merger, with Tetra Tech Inc.
Mr. Dupuis focuses on the valorization of residues, alternate energyproduction, energy & process heat audits, and process technologiesfor battery metals, such as lithium. He brings his years of productiveexperience in industry joint ventures and government collaboration tothe Company.
The Board of Directors has accepted the resignation of Adriaan Bakkeras a Director of the Company. We sincerely wish Mr. Bakker success inhis new ventures.
2022-2023 WORK PROGRAM
Upon completion of the financing, the Company plans a renewed focus onmineral exploration and metallurgical process improvements for 2022and 2023. VanadiumCorp owns 100% of a newly patentedhydrometallurgical process, VEPT (the “VanadiumCorp, Electrochem,Process Technology”), invented by Dr. Francois Cardarelli thatconsists of digesting vanadiferous feedstocks into concentratedsulfuric acid. The key to the adequate supply of vanadium and titaniumcritical metals will be adopting alternate extractive technologiessuch as this new hydrometallurgical process. The Company plans toexecute a multifaceted testing program on its Lac Dore and Iron Tdeposits. Bulk sampling and additional hydrometallurgical testscommence in September 2022. The program aims to improve the yields andquality of the outputs from its VEPT process and to investigatecost-saving measures, such as the recycling of process acids. GillesDupuis, P. Eng. and Gilles Champagne, PhD., our CTO, will collaboratein several Quebec-based programs to improve our metallurgicalextraction technologies and to pilot the manufacture of high-purityvanadium electrolytes from our concentrates.
About VanadiumCorp
VanadiumCorp Resource Inc. is a mineral exploration company located inVancouver, Canada, with 100% ownership of two strategic vanadium,titanium, and iron properties in Quebec. The Iron T is near Matagami,and the Company’s flagship Lac Dore property is near Chibougamau. Acurrent technical report (Longridge, 2020) on the Lac Dore depositdescribes Measured and Indicated Mineral Resources of 215 milliontonnes containing 53 million tonnes of recoverable titanomagnetite.The titanomagnetite concentrate is estimated to have 1.49 billionpounds of V2O5 (not factored for recoveries from titanomagnetite).
VanadiumCorp also owns 100% of thenewly patented hydrometallurgical process, VEPT (the “VanadiumCorp,Electrochem, Process Technology”), invented by Dr. FrancoisCardarelli, that consists of digesting vanadiferous feedstocks intoconcentrated sulfuric acid. The technology addresses the recovery ofvanadium, titanium, ferrous sulphate, and silica products from mineralconcentrate feedstocks, such as titanomagnetite. The VEPT process isalso valid for recovering vanadium from industrial residues, such asfly-ash from powerplants and slags from oxygen blast furnaces(BOF-slags). Dr. Cardarelli’s sulphuric acid process is novelbecause it adapts a proven and widely used sulphuric acid process tothe extraction of valuable metals from titanomagnetite and industrialresidues.
Mr. Paul McGuigan, P. Geo., is a “Qualified Person” (as defined inNI 43-101 -Standards for Disclosure for Mineral Projects) and adirector of the Company, has reviewed and approved the technicaldisclosures in this news release.
ON BEHALF OF THE BOARD OFVANADIUMCORP.
Director, Chief Executive Officer
Website: www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider(as defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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