VRBFF - Vanadiumcorp Files for Final Approval of $1.6 Million Financing

(TheNewswire)

Vancouver, British Columbia – TheNewswire - May 3, 2023 – VanadiumCorp Resource Inc.(TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the"Company”) is pleased to report its previously announcednon-brokered private placement financing (the “Financing”) of upto $1.5 million has been increased to $1,632,940 and the Company hasfiled documents with the TSXV Exchange (“Exchange”) seeking finalapproval to close the Financing.

The Financing consists of16,329,400 units (“Units”), with each Unit priced at $0.10 per Unit for gross proceeds of $1,632,940.  EachUnit consists of one common share of the Company and one common sharepurchase warrant, each warrant entitling the holder to acquire anadditional common share at an exercise price of $0.18 for a period oftwo years.

Subject to Exchange approval, cash finders’ fees inthe amount of $24,400 will be paid and 244,000 non-transferable brokerwarrants will issued on the same terms as the Unit warrants.

Seven (7) insiders of the Company have subscribed for3,879,400 Units for proceeds of $387,940, which participation isconsidered 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.

All securities issued pursuant to the Financing will besubject to a four (4) month hold from date of issue.

Net proceeds from the Financing will be used forexploration and metallurgical testing on the Company’s wholly ownedmineral properties, procurement for the Company’s previouslyannounced first electrolyte manufacturing facility and generalcorporate purposes.

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, contingent on successfuldevelopment of our wholly-owned vanadium-titanium-iron mineraldeposits. Our flagship project is the Lac Doré property nearChibougamau, Québec.

An introduction to the Company by our ExecutiveChairman, Ian Mallory, can be viewed as a Greenshoe Media Group videoat:

VanadiumCorp ResourceInc.
Paul McGuigan, P. Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com

Company website: www.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.

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 statements contained herein are expresslyqualified by this disclaimer.

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