(TheNewswire)
Vancouver, BC - TheNewswire - May 9, 2023 - VR ResourcesLtd . ( TSX.V:VRR ) ( FSE:5VR ) ( OTC:VRRCF ), the ( Company ), or ( VR ) , is pleased to announce it has Closed therecently announced, non-brokered private placement (the“ Financing ”) for gross proceeds of $1.88M . Plans are nowunderway to commence drilling next month at the Company’s REEcritical metals project at Hecla-Kilmer and the kimberlite discoverynearby at Northway, located in northern Ontario.
The First Tranche of the Financing was recently closedfor gross proceeds of approximately $1.7M as described inNR-23-07 dated April 19, 2023. Today the Company issued today anadditional 1,270,743 Units, as defined below, for grossproceeds of $177,904 (“FinalTranche”) to Close the Financing.
The completed Financing in its entirety breaks down asfollows:
-
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
-
Hard dollar private placement, consisting of 4,300,743 units at a price of $0.14 per Unit for total gross proceeds of $602,104
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.
Ontario . Thesuccessful Close of the Financing allows the Company to commence itsspring drill program in northern Ontario. The camp was re-openedlast week and is ready for the start-up of drilling planned for nextweek on the kimberlite breccia pipe at Northway, followed by drillingat the nearby Hecla-Kilmer REE critical metal project. Drilling isexpected to take approximately one month to complete.
Nevada . TheCompany will also use funds from the Financing to execute two,state-of-the-art geophysical surveys this spring on thelarge-footprint, polymetallic copper-moly-silver porphyry alterationand sheeted vein system on its New Boston property in west-centralNevada.
Supporting Information on Financings
The Financing was described in full in news release NR-23-06 dated April 4, 2023. The units for both financings consist of onecommon share and one-half of a common share purchase warrant with eachwhole warrant entitling the holder to purchase an additional commonshare at $0.23 for a period of eighteen months, until October 19 andNovember 9, 2025, respectively for the First and SecondTranche.
The Company paid cash fees totaling $2,394 inconnection with the Final Tranche for total aggregate of $53,644 of cash feesfor certain placements into theFinancing.
The securities that were issued today for the FinalTranche are subject to a statutory four monthand one day hold period expiring on September10, 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 aVancouver-based private company. The foundation of VR is the diverseexperience and proven track record of its Board in early-stageexploration, discovery and M&A. The Company is well financed forits exploration strategies and corporate obligations. VR owns itsproperties outright and evaluates new opportunities on an ongoingbasis, whether by direct staking 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 properties in Nevada andOntario.
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.
Copyright (c) 2023 TheNewswire - All rights reserved.