VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) said it has successfully closed the first tranche of its non-brokered private placement, raising $1.7 million towards a $2 million target.
The company said the funds raised will be used for its mineral exploration business in Ontario, Canada and Nevada, USA.
VR Resources said it plans to start drilling in May at both its kimberlite discovery at Northway and its REE (rare earths element) project at Hecla-Kilmer, both located in northern Ontario.
The closing of the first tranche of funds will enable the company to commence its spring drill program, with the camp set to be reopened next week.
The first tranche of the flow-through private placement raised $1,275,400 consisting of 7,971,250 units priced at $0.16 each The hard dollar private placement, meanwhile, raised $424,200 and comprised 3,030,000 units priced at $0.14 each. The units comprised 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 $0.23 until October 19, 2025.
The securities issued are subject to a statutory four-month and one-day hold period expiring on August 20, 2023.
Based in Vancouver, Canada, VR Resources is an established junior exploration company focused on unique, greenfield opportunities on large-footprint mineral systems for critical metals, copper, and gold in the western United States and Canada.
The company is well-financed for its exploration strategies and corporate obligations and owns its properties outright.
Contact the author at jon.hopkins@proactiveinvestors.com