VanadiumCorp Resource Inc (TSX-V:VRB) announced it is seeking approval from the TSX Venture Exchange for a non-brokered financing of flow-through and non-flow-through units for gross proceeds up to $1 million.
The mining company, which is developing vanadium-titanium-iron deposits in Quebec, Canada, said the financing will consist of up to 15 million non-flow-through units priced at $0.04.
Each non-flow-through unit will consist of one share and one share purchase warrant, exercisable for an additional common share for $0.06 for five years.
The financing will also include up to 8 million flow-through units consisting of one flow-through share and half of a share warrant, with each whole warrant being exercisable for a share for $0.09 for two years.
Proceeds from the sale of the flow-through units will be used to incur eligible Canadian exploration expenses.