VanadiumCorp Resource Inc (TSX-V:VRB) said its previously announced non-brokered private placement financing, which was expected to raise up to $1.5 million, has been increased to C$1,632,940.
The company has filed documents with the TSX Venture Exchange seeking final approval to close the financing, it noted in a statement.
VanadiumCorp noted that net proceeds from the offering will be used for exploration and metallurgical testing on its wholly-owned mineral properties, procurement for the company’s previously announced first electrolyte manufacturing facility, and for general corporate purposes.
It added that seven company insiders have subscribed for 3,879,400 VanadiumCorp units for proceeds of C$387,940.
The private placement consists of 16,329,400 company units priced at $0.10 per unit.
Each unit consists of one VanadiumCorp common share plus one common share purchase warrant, with each warrant entitling the holder to acquire an additional company common share at an exercise price of $0.18 for a period of two years.
As well, VanadiumCorp said cash finders’ fees in the amount of $24,400 will be paid and 244,000 non-transferable broker warrants will issued on the same terms as the unit warrants.
VanadiumCorp wholly owns two strategic vanadium, titanium, and iron properties in Quebec. The Iron T is near Matagami, and the company's flagship Lac Doré property is near Chibougamau.
It also owns 100% of a newly patented hydrometallurgical process called VEPT (the VanadiumCorp, Electrochem, Process Technology), which consists of digesting vanadiferous feedstocks into concentrated sulfuric acid, recovering vanadium, titanium, ferrous sulphate, and silica products from mineral concentrate feedstocks, such as titanomagnetite.
Contact Sean at sean@proactiveinvestors.com