VR Closes Second Tranche of Financings for Proceeds of $924,000, Receives $200,000 Grant from the Ontario Government, and Mobilizes for Drill Program at Hecla-Kilmer
26 Septembre 2022 - 3:00PM
VR Resources Ltd. (
TSX.V:
VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company” or “VR”) is
pleased to announce the closing of two tranches of its previous
announced Flow Through and Hard dollar financings. A third and
final closing is anticipated for the week of October 4th, in
concert with the planned start-up of the fall drill program at the
Company’s discovery of high grade REE mineralization on its
Hecla-Kilmer property in northern Ontario. In summary:
- Closed the first
tranche of its previously announced Flow Through private placement,
consisting of 3,381,667 units at a price of
$0.18 per Unit for total gross proceeds of
$608,700. The balance of the private placement is
confirmed and is anticipated to close as indicated above;
- Closed the
second tranche of its previously announced hard dollar private
placement, consisting of 1,973,500 units at a
price of $0.16 per Unit for total gross proceeds
of $315,760;
- Confirmed an
award of $200,000 from the Ontario Government in
Year Two of its OJEP critical metals grant program.
Going Forward
Mobilization is underway for the fall drill
program at the Hecla-Kilmer critical metals discovery in northern
Ontario. Drilling is expected to commence during the week of
October 4th, and run for
approximately four weeks. The objective is to complete additional
drill holes into at least two of four areas where high grade rare
earth element mineralization has been intersected at or near
surface within the multiphase complex at H-K. The Company will also
consider completing the first reconnaissance drill hole into its
Northway target located approximately 15 km to the northeast of
Hecla-Kilmer (see NR22-09, dated July 27, 2022).
Supporting Information on Financings
As described in full in previous news releases,
NR22-11 on August 19 and NR22-13
on September 15, 2022, the units for both financings consist of one
common share and one-half of a common share purchase warrant with
each whole warrant entitling the holder to purchase an additional
common share at $0.25 for a period of 18 months from the closing
date.
In connection with the tranches announced
herein, the Company paid cash fees totaling
$48,875 to certain finders.
The securities that were issued under the
Financing are subject to a four month hold period from the date of
closing under Canadian securities law.
VR will use the net proceeds of the Financing
for its mineral exploration business, and including active
exploration on various mineral properties held in Ontario, Canada,
and Nevada, USA.
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.
Stock Option Allocation
The Company has approved the allocation of
1,325,000 incentive stock options at a price of $0.16 and
exercisable for a period of five years to various directors,
officers and employees of the Company, and in accordance with the
terms of the Company’s Stock Option Plan.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in critical metals, copper and
gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the
continuance of 4 years of active exploration 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 is well-financed for its corporate
obligations and mineral exploration plans, focused 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 |
|
Contact: |
Michael Gunning, CEO, @ mgunning@vrr.ca; |
Work: 604-262-1104 |
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 Company
plans to carry out exploration on its various mineral properties
held in Ontario, Canada, and Nevada, USA.
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 filings can be accessed via
www.sedar.com, and readers are urged to review these disclosure
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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