VR announces $4m non-brokered private placement in order to advance the Critical Metals discovery at its Hecla-Kilmer property in Ontario.
20 Août 2022 - 12:05AM
VR Resources Ltd. (
TSX.V: VRR; FSE: 5VR; OTCBB:
VRRCF), the (Company), or (VR), announces a non-brokered
private placement (“Financing”) for gross proceeds of up to
$4,000,000.
The financing is a hard-dollar private
placement, non-brokered, on a best efforts basis. It will consist
of 25,000,000 units (the “Units”)
at a price of $0.16 per Unit for gross proceeds of
up to $4,000,000, with each Unit consisting of one
common share (“Common Share”) of the Company and
one-half of a common share purchase warrant
(“Warrant”), with each whole Warrant entitling the
holder to acquire one additional Common Share at an exercise price
of $0.25 per Common Share for a period of
18 months from the closing date (“Closing
Date”) of the Financing. The Company may pay up to a
6% cash finders fee in relation to the
financing.
Certain insiders of the Company may participate
in the Financing. The issuance of Units to insiders of the Company
pursuant to the Financing will be considered related party
transactions within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transaction (MI 61-101). The Company
intends to rely on exemptions from the formal valuation and
minority approval requirements of sections 5.5(a) and 5.7(1)(a) of
MI 61-101 in respect of such insider participation, based on a
determination that fair market value of them participation in the
Financing by insiders will not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI
61-101.
VR will use the gross proceeds of the Financing
for its mineral exploration business, and more specifically to
solidify the Company’s plan for continued drilling at its
Hecla-Kilmer critical metal discovery in northern Ontario.
The financing is expected to Close on or before
September 30, 2022 and is subject to all regulatory approvals
including the approval of the TSX Venture Exchange. The securities
issued in connection with this Financing will be subject to a
four-month hold period from the date of closing in accordance with
applicable securities legislation.
The securities have not been registered
under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any U.S. state securities laws, and may not be
offered or sold in the “United States” or to “U.S. persons” (as
such terms are defined in Regulation S under the U.S. Securities
Act) without registration under the U.S. Securities Act and all
applicable state securities laws or compliance with an exemption
from such registration. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in copper, gold and critical
metals (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the
continuance of 4 years of active exploration in Nevada by a
Vancouver-based private company. The diverse experience and proven
track record of its Board in early-stage exploration, discovery and
M&A is the foundation of VR. The Company focuses on
underexplored, large-footprint mineral systems in the western
United States and Canada. VR owns its properties outright and
evaluates new opportunities on an ongoing basis, whether by staking
or acquisition.
The Company continues its normal course of
business in 2022 within the framework of modified exploration
programs in response to the COVID-19 pandemic, with the goal of
ensuring the health and safety of staff and project personnel.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H.
Gunning”_____________________________Dr. Michael H.
Gunning, PhD, PGeoPresident & CEO
For general
information please use the following: |
Website: |
www.vrr.ca |
|
Email: |
info@vrr.ca |
|
Phone: |
604-262-1104 |
|
Contact: |
Mike Gunning, at mgunning@vrr.ca
; Cell: |
604-374-3708 |
Forward
Looking Statements
This press release contains forward-looking
statements. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions or are those which, by their
nature, refer to future events. Forward looking statements in this
release, for example include but are not limited to: the general
use of proceeds, that the Company will complete the financing; that
the Company will carry out exploration on its Ontario property.
Although the Company believes that the use of
such statements is reasonable, there can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future performance,
and that actual results may differ materially from those in
forward-looking statements. Trading in the securities of the
Company should be considered highly speculative.
All of the Company’s public disclosure filings
may be accessed via www.sedar.com and readers are urged to review
these materials.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in Policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release
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