NWN - VANADIUMCORP Files For Conditional Approval of $4 Million Financing
(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 19, 2022 – VanadiumCorp Resources Inc. (TSXV:VRB)(OTC:APAFF) (FSE:NWN) (the “Company”) ispleased to announce it has filed documents seeking ConditionalApproval of its four ($4) million private placement financing (the“Financing”) previously announced July 30, 2022.
The Company has also filed for approval to close thefirst tranche of the Financing for aggregate gross proceeds of$1,315,200. On receipt of the TSX Venture Exchange (“Exchange”)approval to close this first tranche, the Company will issue 4,793,333$0.12 flow-through units (the “FT Units”) and 7,400,000 $0.10non-flow-through units (NFT Units).
Each FT Unit consists of one (1) flow-through commonshare of the Company and one (1) non-flow through common sharepurchase warrant (the “NFT Warrant”) with each NFT Warrantexercisable to purchase an additional non-flow-through common share ofthe Company for $0.18 for 24 months from the date of issue.
Each NFT Unit consists of one (1) common share of theCompany and one (1) common share purchase warrant (the “Warrants”)with each Warrant exercisable to purchase an additional common shareof the Company for $0.18 for 24 months from the date of issue.
Subject to Exchange approval, cash finders’ fees inthe amount of $41,112 will be paid and 353,600 broker warrants will beissued.
The first tranche of the Financing was effected with 3insiders, subscribing for a total of $410,000 or 4,100,000 NFT Units,that portion of the Financing a “related party transaction” assuch term is defined under MI 61-101 – Protection of MinoritySecurity Holders in Special Transactions. The Company is relying onexemptions from the formal valuation requirement of MI-61-101 undersections 5.5(a) and (b) of MI 61-101 in respect of the transaction asthe fair market value of the transaction, insofar as it involves theinterested party, is not more than 25% of the Company’s marketcapitalization.
All securities issued pursuant to the Financing will besubject to a four month hold.
Net proceeds from the Financing will be used forexploration and metallurgical testing on the Company’s wholly-ownedmineral properties and general corporate purposes.
About VanadiumCorp
VanadiumCorp Resource Inc. is a mineral explorationcompany located in Vancouver, Canada, with 100% ownership of twostrategic vanadium, titanium, and iron properties in Quebec. The IronT is near Matagami, and the Company’s flagship Lac Dore property isnear Chibougamau. A current technical report (Longridge, 2020) on theLac Dore deposit describes Measured and Indicated Mineral Resources of215 million tonnes containing 53 million tonnes of recoverabletitanomagnetite. The titanomagnetite concentrate is estimated to have1.49 billion pounds of V2O5 (not factored for recoveries fromtitanomagnetite).
VanadiumCorp also owns 100% of the newly patentedhydrometallurgical process, VEPT (the “VanadiumCorp, Electrochem,Process Technology”), invented by Dr. Francois Cardarelli, thatconsists of digesting vanadiferous feedstocks into concentratedsulfuric acid. The technology addresses therecovery of vanadium, titanium, ferrous sulphate, and silica productsfrom mineral concentrate feedstocks, such as titanomagnetite. The VEPTprocess is also valid for recovering vanadium from industrialresidues, such as fly-ash from powerplants and slags from oxygen blastfurnaces (BOF-slags). Dr. Cardarelli’s sulphuric acid process isnovel because it adapts a proven and widely used sulphuric acidprocess to the extraction of valuable metals from titanomagnetite andindustrial residues.
ON BEHALF OF THE BOARD OFVANADIUMCORP RESOURCE INC.
John Hewlett
Director
Website: www.vanadiumcorp.com
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