VRBFF - Vanadiumcorp Announces Non-Brokered Private Placement Financing

(TheNewswire)

Vancouver, British Columbia – June4, 2024 – TheNewswire – VanadiumCorp Resource Inc.(TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) ("VanadiumCorp" or the"Company") further to its May 29, 2024news release, the Company announces that it has filed documentswith the TSX Venture Exchange seeking conditional approval for a non-brokered financing of flow-through and non-flow-through units foraggregate proceeds of up to $1 million (the “Financing”).

The Financing will consist of up to 15,000,000 $0.04 non flow-throughunits (“Units”), each Unit consisting of 1 common share of theCompany and 1 common share purchase warrant (the “Warrants”), eachWarrant being exercisable for an additional common share at $0.06 forfive (5) years, and up to 8,000,000 $0.05 flow-through units (the“FT Units”), each FT Unit consisting of 1 flow-through commonshare of the Company and ½ of a common share purchase warrant (the“FT Warrant”), each full FT Warrant being exercisable for a commonshare of the Company at $0.09 for two (2) years.

Insiders may subscribe to the Financing, that portion of the Financinga “related party transaction” as such term is defined under MI61-101 – Protection of Minority Security Holders in SpecialTransactions.  The Company is relying on exemptions from the formalvaluation requirement of MI-61-101 under sections 5.5(a) and (b) of MI61-101 in respect of the transaction as the fair market value of thetransaction, insofar as it involves the interested party, is not morethan 25% of the Company’s market capitalization.

The Financing is subject to TSX Venture Exchange approval andsecurities issued pursuant to the Financing will be subject to afour-month and a day hold period.  Finders fees may be paid inaccordance with TSX Venture Exchange policies.

The FT Units will entitle the holder to receive the tax benefitsapplicable to flow-through shares, in accordance with provisions ofthe Income Tax Act (Canada).

The Company will use an amount equal to the gross proceeds received bythe Company from the sale of the FT Units, pursuant to the provisionsin the Income Tax Act (Canada), to incur eligible “Canadianexploration expenses” that qualify as “flow-through miningexpenditures” as both terms are defined in the Income Tax Act(Canada) (the “Qualifying Expenditures”) on or before December 31,2025, and to renounce all the Qualifying Expenditures in favour of thesubscribers of the FT Units effective December 31, 2024. The proceedsfrom the sale of the FT Units will be used to advance the Company’svarious exploration projects.

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 production of electrolytes is assured,success-contingent on developing our wholly-ownedvanadium-titanium-iron mineral deposits, including our flagship LacDoré deposit near Chibougamau, Québec. The Company's electrolyteplant will also be used to test the quality of future Lac Doré pilotplant outputs and to reprocess electrolytes.

On behalf VanadiumCorp ResourceInc.

Paul McGuigan, P. Geo.
CEO
pjm@vanadiumcorp.com

Company contact information:

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 USPERSONS OR FOR DISTRIBUTION TO US NEWSWIRE SERVICES. THIS PRESSRELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TOPURCHASE ANY SECURITIES DESCRIBED IN IT.

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