VRB:CC - Vanadiumcorp Receives TSX Approval for an Oversubscribed Financing

(TheNewswire)

Vancouver, British Columbia – TheNewswire - May 11, 2023 – VanadiumCorp ResourceInc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the"Company”) is pleased to report that it has received approvalfrom the TSX Venture Exchange (the “Exchange”) to close itsnon-brokered private placement financing (the “Financing”) foraggregate gross proceeds of $1,632,940.

The Company will now issue 16,329,400 units (“Units”), each Unitconsisting 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.

Cash finders’ fees and broker warrants in accordancewith Exchange policies are being paid as follows:

• Echelon Wealth Partners - $800 cash and 8,000non-transferable broker warrants

• Haywood Securities Inc. - $18,800 cash and 188,000non-transferable broker warrants

• GloRes Securities Inc. - $4,000 cash and 40,000non-transferable broker warrants

• Leede Jones Gable Inc. - $800 cash and 8,000non-transferable broker warrants

Six (6) 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 insidersubscription being a “related party transaction” as that term isdefined under MI 61-101 – Protection of Minority Security Holders inSpecial 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 will besubject to a four month hold from date of issue.

Net proceeds of the Financing will be used formetallurgical test work for the Company’s Lac Dorévanadium-titanium-iron deposit, the procurement of equipment for theCompany’s production test facility for high-quality vanadiumelectrolyte for use in Vanadium Redox Flow Batteries (VRFB) andgeneral corporate purposes.

Paul McGuigan, the Company’s CEO, stated: “Thisoversubscribed financing will be used to advance the procurement andassembly of the Company’s first electrolyte plant inVal-des-Sources, Québec. New technical staff have been retained withthe aim to begin construction in August-September and receive processequipment in the fourth week of September 2023. The Company elects tomanufacture the highest purity vanadium electrolyte to complementprimary vanadium production from deposits such as our Lac Dorévanadium-titanium-iron property in Chibougamau, Québec. In choosingto manufacture in Québec, the Company demonstrates our commitment tovalue-added processing of mineral resources in Québec and to thecircular economy.”

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. The Company’s electrolyte plant will alsobe used to test the quality of Lac Doré pilot plant outputs and toreprocess electrolytes. Stable, long-term access to vanadium feedstockfor the electrolytes is assured, success-contingent on developing ourwholly-owned vanadium-titanium-iron mineral deposits, including ourflagship Lac Doré deposit near Chibougamau, Québec.

An introduction to the Company by our ExecutiveChairman, Ian Mallory, can be viewed as a Greenshoe Media Group videoat: https://www.youtube.com/watch?v=-gjU26_osDc

On behalf of the Board ofVanadiumCorp Resource Inc.

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

Company website: www.vanadiumcorp.com

For more information, contact Mr. McGuigan, or:

Gilles Dupuis, P.Eng.
Director, Chief Operating Officer
gd@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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S.PERSONS OR FOR DISTRIBUTION TO U.S. 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 maycontain forward-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, 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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