NWN - VANADIUMCORP Closes Non-Brokered Private Placement Financing
(TheNewswire)
Vancouver, British Columbia – TheNewswire - November 21, 2022 – VanadiumCorp Resource Inc. (TSXV:VRB)(OTC:VRBFF) (FSE:NWN) (the “Company”) is pleased toannounce it has received TSX Venture Exchange approval to close itsnon-brokered private placement financing (the “Financing”).
The Company has issued in the aggregate 5,293,333 $0.12 flow-throughunits (the “FT Units”) and 12,528,500 $0.10 non-flow-through units(the “NFT Units”), for aggregate gross proceeds of $1,888,050.
Each FT Unit issued consists of one (1) flow-through common share ofthe Company and one (1) non-flow through common share purchase warrant(the “NFT Warrant”) with each NFT Warrant exercisable to purchasean additional non-flow-through common share of the Company for $0.18for two years from the date of issue.
Each NFT Unit issued consists of one (1) common share of the Companyand one NFT Warrant.
Cash finders’ fees in the amount of $41,112 have been paid and353,600 broker warrants issued on the same terms as the NFT Warrants.
The Financing was effected with six (6) insiders subscribing for$60,000 or 500,000 FT Units and $635,000 or 6,350,000 NFT Units for anaggregate total of $695,000, and that portion of the Financing a“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.
All securities issued pursuant to the Financing are subject to a fourmonth hold from date of issue.
Net proceeds from the Financing will be used for exploration andmetallurgical testing on the Company’s wholly owned mineralproperties and general corporate purposes.
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 property is nearMatagami, and the Company’s flagship Lac Dore property is nearChibougamau. A current NI-43-101 technical report (Longridge, 2020) onthe Lac Dore deposit describes Measured and Indicated MineralResources of 215 million tonnes containing 53 million tonnes ofrecoverable titanomagnetite. The titanomagnetite concentrate isestimated to have 1.49 billion pounds of V2O5 (not factored forrecoveries from titanomagnetite).
VanadiumCorp also owns 100% of the newly patented hydrometallurgicalprocess, VEPT (the “VanadiumCorp, Electrochem, ProcessTechnology”), invented by Dr. Francois Cardarelli, that consists ofdigesting vanadiferous feedstocks into concentrated sulfuric acid. Thetechnology addresses the recovery of vanadium, titanium, ferroussulphate, and silica products from mineral concentrate feedstocks,such as titanomagnetite. The VEPT process is also valid for recoveringvanadium from industrial residues, such as fly-ash from powerplantsand slags from oxygen blast furnaces (BOF-slags). Dr. Cardarelli’ssulphuric acid process is novel because it adapts a proven and widelyused sulphuric acid process to the extraction of valuable metals fromtitanomagnetite and industrial residues.
ON BEHALF OF THE BOARD OFVANADIUMCORP RESOURCE INC.
Paul McGuigan, P.Geo.
CEO/Director
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.
NOT FOR DISSEMINATION IN THE UNITEDSTATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL ORAN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.
Copyright (c) 2022 TheNewswire - All rights reserved.