VR Resources Ltd (CVE:VRR) announced it has closed the final tranche of a C$1.2 million financing to use for exploration on the company’s mineral properties in the US and Canada.
The Vancouver-based junior closed the second tranche on Friday consisting of 1.5 million units priced at C$0.30 for proceeds of C$457,000. The company also issued nearly 761,000 warrants exercisable at C$0.50 for an 18-month period.
Aggregate gross proceeds from both tranches totaled C$1,217,000 from the issuance of 3.5 million shares.
READ: VR Resources to raise over C$1M to advance mineral exploration in Nevada and Ontario
VR Resources paid finders fees of C$24,900 and issued 83,000 warrants exercisable at C$0.50 per share for a period of 18 months from the closing date.
The junior recently doubled the size of its Amsel property on the firm’s Big Ten gold project in Nevada.
It also identified a large gravity anomaly at the Ranoke copper-gold project in Ontario.
Shares of VR Resources slipped 5% on Monday morning at C$0.29 in Toronto.
Contact Angela at angela@proactiveinvestors.com
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