(TheNewswire)
April 19, 2023 – TheNewswire - Vancouver, B.C. - VR Resources Ltd . ( TSXV:VRR ) ; ( FSE:5VR ) ; ( OTC:VRRCF ), the(Company ), or (VR) , is pleased to announce ithas Closed $1.7M in the first tranche of the recently announced, non-brokeredprivate placement of $2M (the “ Financing ”). Plansare now underway to commence drilling next month at the Company’skimberlite discovery at Northway and REE project at Hecla-Kilmer, bothlocated in northern Ontario.
Proceeds from the first tranche of the Financing breakdown as follows:
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Flow Through private placement, consisting of 7,971,250 units at a price of $0.16 per Unit for total gross proceeds of $1,275,400
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Hard dollar private placement, consisting of 3,030,000 units at a price of $0.14 per Unit for total gross proceeds of $424,200
Use of Proceeds Going Forward
VR will use the net proceeds of the Financing for itsmineral exploration business, including active exploration on variousmineral properties held in Ontario, Canada, and Nevada, USA.
More specifically, the successful Close of the firsttranche of funds allows the Company to commence its spring drillprogram in northern Ontario. A photograph of the drill campestablished at Otter Rapids in 2020 is shown in Figure 1 . The campwill be re-opened next week, with the plan to commence drilling on thekimberlite breccia pipe at Northway in the second week of May,followed by drilling at the Hecla-Kilmer REE critical metal property.
Supporting Information on Financings
The Financing was described in full in the previousnews release NR-23-06 dated April 4, 2023. The units forboth financings consist of one common share and one-half of a commonshare purchase warrant with each whole warrant entitling the holder topurchase an additional common share at $0.23 until October 19, 2025.
The Company paid cash fees totaling $51,250 i n connection with certain placements into theFinancing.
The securities that were issued under the Financing aresubject to a statutory four month and one dayhold period expiring on August 20, 2023.
The securitieshave not been registered under the U.S. Securities Act of 1933, asamended (the “ U.S. Securities Act ”), or any U.S. statesecurities laws, and may not be offered or sold in the “UnitedStates” or to “U.S. persons” (as such terms are defined inRegulation S under the U.S. Securities Act) without registration underthe U.S. Securities Act and all applicable state securities laws orcompliance with an exemption from such registration. This pressrelease shall not constitute an offer to sell or the solicitation ofan offer to buy nor shall there be any sale of the securities in anystate in which such offer, solicitation or sale would beunlawful.
About VR Resources
VR is an established junior exploration company focusedon unique, greenfield opportunities on large-footprint mineral systemsfor critical metals, copper and gold in the western United States andCanada (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is thecontinuance of 4 years of active exploration in Nevada by a Vancouver-based privatecompany. The foundation of VR is the diverse experience and proventrack record of its Board in early-stage exploration, discovery andM&A. The Company is well financed for its exploration strategiesand corporate obligations. VR owns its properties outright andevaluates new opportunities on an ongoing basis, whether by directstaking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS :
“Michael H. Gunning”
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Contact: Mike Gunning, 604-374-3708; e-mail: mgunning@vrr.ca
Forward Looking Statements
This press release containsforward-looking statements. Forward-looking statements are typicallyidentified by words such as: believe, expect, anticipate, intend,estimate, postulate and similar expressions or are those which, bytheir nature, refer to future events. Forward looking statements inthis release, for example include but are not limited to: the generaluse of proceeds; that the Company will complete the financing; thatthe Company will carry out exploration on its Ontarioproperties.
Although the Company believes thatthe use of such statements is reasonable, there can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future performance,and that actual results may differ materially from those inforward-looking statements. Trading in the securities of the Companyshould be considered highly speculative.
The Company’s public disclosurefilings can be accessed via www.sedar.com and readers are urged toreview the materials.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in Policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release
This News Releaseis not for distribution to the United States newswire services or fordissemination in the United States. Any failure to comply with thisrestriction may constitute a violation of U.S. Securities Laws.
Figure 1. View south over VR’s exploration camplocated at the terminus of Highway 634 at the hydro – electric damfacility at Otter Rapids in northern Ontario, with the active OntarioNorthern railroad moving through the center of the photo to servicethe communities of Moose Factory and Moosonee located some 125 km tothe northeast on James Bay. The Hecla-Kilmer REE critical mineralproject and Northway kimberlite breccia pipe discovery are locatedjust 23 and 30 km to the west and northwest of the camp, respectively,to the right of this photo.
This News Releaseis not for distribution to the United States newswire services or fordissemination in the United States. Any failure to comply with thisrestriction may constitute a violation of U.S. Securities Laws.
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