(TheNewswire)
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March 27, 2024 /TheNewswire: Vancouver, B.C.: VR ResourcesLtd . ( TSX.V: VRR; FSE: 5VR; OTCQB:VRRCF ), (the “ Company , or “ VR ”) , is pleased toannounce it has Closed the previously announced, $900,000 financing(the “ Financing ”), and plans are now underway to mobilize the drillprogram at its New Boston porphyry copper-moly system inNevada.
The terms of the Financing are unchanged from thoseannounced on March 22 nd in NR-24-05. The Company has issued 5,982,665 units (the“ Units ”) at a price of $0.15 per Unit for gross proceeds of$897,400. Each Unit consists of one common share (“ Common Share ”) ofthe Company, and one-half of one Common Share purchase warrant (eachwhole Common Share purchase warrant, a “ Warrant ”). EachWarrant entitles the holder to acquire one additional Common Share atan exercise price of $0.20 per Common Share until September 27, 2025.
The Company paid cash fees totaling $30,999 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 July 28, 2024.
An Insider of the Company participated in the Financingfor an aggregate amount of 333,333 units. Suchparticipation is considered a related party transaction within themeaning of Multilateral Instrument 61-101 – P rotection of MinoritySecurity Holders in Special Transactions (" MI 61-101 "). In completing such transaction, VR relied on the applicableexemptions from the valuation requirement and minority security holderapproval requirements available under Sections 5.5(a) and 5.7(a) of MI61-101, respectively, on the basis that the participation in theFinancing by the Insider did not exceed 25% of the Company's marketcapitalization.
Use of Proceeds Going Forward
VR will use the net proceeds of the Financing for itsmineral exploration business, and more specifically towards thepending drill program planned for the polymetallic copper-moly-silverporphyry-skarn system on its New Boston property located inwest-central Nevada.
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 basedin Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates,explores and advances large-scale, blue-sky opportunities in copper,gold and critical metals in Nevada, USA, and Ontario, Canada. TheCompany has also made Canada’s newest diamond discovery in northernOntario, and controls a new field of kimberlite targets around it. VRapplies modern exploration technologies and leverages in-houseexperience and expertise in greenfields exploration to large-footprintmineral systems in underexplored areas/districts. The foundation of VRis the proven track record of its Board in early-stage exploration,discovery and M&A. The Company is well-financed for its mineralexploration and corporate obligations. VR owns its properties outrightand evaluates new opportunities on an ongoing basis, whether bystaking 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
Phone: (778) 731-9292
Contact: Mike Gunning; 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, and similar expressions or are those which, by their nature,refer to future events. Forward-looking statements in this releaseinclude but are not limited to: the anticipated uses of the proceedsof the Financing; the expected timing and execution of a drill programat New Boston.
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 forward-looking informationcontained in this press release represents the expectations of theCompany as of the date written above, and accordingly, is subject tochange after such date. Readers should not place undue importance onforward-looking information and should not rely upon this informationas of any other date. While the Company may elect to, it does notundertake to update this information at any particular time except asrequired in accordance with applicable laws.
All of the Company’s publicdisclosure filings are available at www.sedar.com ; readers are urged to review thesematerials.
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