VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) has announced the successful completion of its non-brokered private placement, generating gross proceeds of $836,000.
The company said it plans to use the funds for mineral exploration in northern Ontario and for general working capital.
A highlight of the company's plans includes taking advantage of the drill that remains at the nearby Hecla-Kilmer REE project. VR Resources aims to complete an additional drill hole later this month on the large kimberlite breccia complex discovered at its Northway property.
The completed financing consists of a flow-through (FT) private placement, generating $400,000 from 2,051,282 FT units priced at $0.195 each. Additionally, a hard dollar private placement generated $436,000 from 2,422,222 units priced at $0.18 per unit.
VR Resources emphasized its commitment to identifying and pursuing greenfield opportunities for critical metals, copper, and gold in the western United States and Canada. With a well-financed exploration strategy and a board of directors boasting extensive experience in exploration and M&A, the company remains dedicated to its ongoing evaluation of new opportunities, either through direct staking or acquisition.
The securities issued during the financing are subject to a statutory hold period of four months and one day, set to expire on October 8, 2023.
Contact the author at jon.hopkins@proactiveinvestors.com