VR Resources Ltd (CVE:VRR) has closed the second and final tranche of a previously announced placing, to raise a total of C$883,500 in the financing.
In May, the firm said 4.5 million flow-through shares were offered at C$0.15 per share, for gross proceeds of C$675,000.
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The finds for this flow-through tranche will be used for exploration at the group's Ranoke property in Ontario. In the second tranche, VR issued over 1.7 million units at C$0.13 each and 70,000 flow-through shares at C$0.15 each for gross proceeds of C$233,500.
VR also issued 857,692 share purchase warrants with each whole warrant exercisable into a share at C$0.25 for 18 months from the date of issue.
The common share proceeds will be used on ongoing exploration expenditures at projects in Nevada, property evaluations, and for general corporate purposes, the firm said.
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