VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) has closed the $760,000 first tranche of its previously announced non-brokered private placement.
The copper-gold exploration company issued nearly 2 million flow-through common shares at a price of $0.38 per share.
Proceeds from the deal are expected to go towards the exploration of its copper-gold Ranoke property in Ontario.
READ: VR Resources to raise over C$1M to advance mineral exploration in Nevada and Ontario
The shares issued are subject to a four-month holding period. As part of the transaction, VR Resources paid $30,000 in cash fees and issued 78,947 finder warrants exercisable at $0.50 per warrant share over the next 18 months.
All told, the private placement, originally announced on October 16, is expected to raise more than $1 million for exploration on its properties in Nevada and Ontario.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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