VRB:CC - VanadiumCorp Files to Close a Non-Brokered Private Placement Financing

(TheNewswire)

Vancouver, British Columbia - TheNewswire - November 7, 2023 - VanadiumCorp Resource Inc. (TSX-V:VRB) (FSE:NWNA) (OTC:VRBFF)("VanadiumCorp" or the "Company") ispleased to announce the Company has filed documents with the TSXVenture Exchange ("TSXV") for approval to close itsnon-brokered private placement financing (the "Financing").

On receipt of final approval from the TSXV, the Companywill issue 8,675,000 $0.10 flow-through units (the "FTUnits") and 4,557,500 $0.08 non-flow-through units (the "NFTUnits") for aggregate gross proceeds of $1,232,100.

Each FT Unit consists of one (1) flow-through commonshare of the Company and one (1) non-flow-through common sharepurchase warrant (the "FT Warrants"), with each FT Warrantexercisable to purchase one non-flow-through common share of theCompany for $0.14 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 onecommon share of the Company for $0.12 for two years from the date ofissue.

Subject to TSXV approval, cash finders' fees in theamount of $84,600 will be paid; and 70,000 broker warrants,exercisable at $0.12 for 2 years, and 672,000 broker warrants,exercisable at $0.14 for 2 years, will be issued.

The Financing was effected with one (1) insider,subscribing for $80,000 or 1,000,000 NFT Units, and that portion ofthe Financing is a "related party transaction" as such termis defined under MI 61-101 – Protection of Minority Security Holdersin Special Transactions. The Company is relying on exemptions from theformal valuation requirement of MI-61-101 under sections 5.5(a) and(b) of MI 61-101 in respect of the transaction as the fair marketvalue of the transaction, insofar as it involves the interested party,is not more than 25% of the Company's market capitalization.

All securities issued pursuant to the Financing aresubject to a four-month hold from the 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 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.

Forward-Looking Statements

This document may contain forward-looking statements(including "forward-looking information" within the meaningof applicable Canadian securities laws and "forward-lookingstatements" within the meaning of the US Private SecuritiesLitigation Reform Act of 1995) regarding, among other things,VanadiumCorp's business. and the environment in which it operates. Ingeneral, forward-looking statements can be identified by the use ofwords such as "anticipates", "expects" or"does not expect", "is expected","budget", "forecast", "estimates","forecasts", "intends", "anticipates" or"does not anticipate", or "believes", orvariations of such words and phrases or statements that certainactions, events or results "may", "could","would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorprelies on a number of assumptions and estimates to make theseforward-looking statements, including, without limitation, the abilityto acquire the necessary permits and authorizations to advance the LacDoré property to the production stage, the ability to add to existingresources at Lac Doré through drilling, the costs associated with thedevelopment and operation of its properties. These assumptions andestimates are made in light of forecasts and conditions that areconsidered relevant and reasonable based on available information andcurrent circumstances. A number of risk factors may cause actualresults, level of activity, performance or results of such explorationand/or mine development to differ materially from those expressed orimplied by such forward-looking statements, including, withoutlimitation, whether such discoveries will result in commerciallyviable quantities of such mineralized materials, the ability to modifyproject parameters as plans continue to be refined, the ability toexecute planned future exploration and drilling programs, the need foradditional financing to continue exploration and development efforts,changes in general economic, market and business conditions, and otherrisks outlined in VanadiumCorp's latest Annual Information Form underthe heading "Risk Factors" and in its other publicdocuments. Forward-looking statements are not guarantees of futureperformance and such information is inherently subject to known andunknown risks, uncertainties and other factors that are difficult topredict and that may be beyond VanadiumCorp's control. AlthoughVanadiumCorp has attempted to identify important risks and factorsthat could cause actual actions, events or results to differmaterially from those described in the forward-looking statements,there may be other factors and risks that cause actions, events orresults not to be as anticipated, estimated or intended. Accordingly,undue reliance should not be placed on these forward-lookingstatements. In addition, all forward-looking statements in this pressrelease are made as of the date of this press release. VanadiumCorpdisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise, except as required by applicablesecurities laws.

The forward-looking statements contained herein areexpressly qualified by this disclaimer.

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