VRB:CC - VANADIUMCORP Files for Final Approval of Non-Brokered Private Placement Financing
(TheNewswire)
Vancouver, British Columbia – TheNewswire - November 17, 2022 – VanadiumCorp Resource Inc. (TSXV:VRB)(OTCBB:VRBFF) (FSE:NWN) (the “Company”) ispleased to announce it has filed documents seeking Final Approval ofits non-brokered private placement financing (the “Financing”)previously announced July 30, 2022 and September 19, 2022.
On receipt of the TSX Venture Exchange (“Exchange”)approval, the Company will issue 500,000 $0.12 flow-through units (the“FT Units”) and 5,128,500 $0.10 non-flow-through units (NFTUnits), for aggregate gross proceeds of $572,850. The Companypreviously closed a $1,315,000 first tranche, issuing 4,793,333 FTUnits and 7,400,000 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 two years 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 two years from the date of issue.
On receipt of final approval the Company will haveissued a total of 5,293,333 $0.12 FT Units with each FT unitconsisting of one (1) flow-through common share of the Company and one(1) NFT Warrant exercisable to purchase an additional non-flow throughcommon share at a unit price of $0.18 for two years and 12,528,500$0.10 NFT Units with each NFT Unit consisting of one (1) common shareof the Company and one (1) Warrant exercisable to purchase anadditional common share at a unit price of $0.18 for two years fortotal gross proceeds of $1,888,050.
Pertaining to the closing of the first tranche, cashfinders’ fees in the amount of $41,112 were paid and 353,600 brokerwarrants were issued.
The Financing was effected with six (6) insiders,subscribing for $60,000 or 500,000 FT Units and $635,000 or 6,350,000NFT Units for an aggregate total of $695,000, and that portion of theFinancing a “related party transaction” as such term is definedunder MI 61-101 – 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 will besubject to a four 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 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.
Paul McGuigan
CEO/Director
Website: www.vanadiumcorp.com
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