VanadiumCorp Resource Inc (TSX-V:VRB) (CVE:VRB) (OTCQB:APAFF) closed the final tranche of a C$1 million private placement on Wednesday, according to a release.
The Vancouver-based company owns strategic vanadium assets and is focused on commercializing technologies to process mineral concentrates used in vanadium redox flow-battery (VRFB) systems.
VRFBs are said to improve renewable energy efficiencies by storing temporary energy surpluses and feeding them back into the electrical grid as required.
READ: VanadiumCorp Resource names geoscientist Paul McGuigan to its board and as VP of business development
As part of the second and final tranche, the company issued an aggregate of 1,594,000 units priced at C$0.10 for gross proceeds of $159,400.
The term sheet also saw the firm issue 8,460,000 units for gross proceeds of $840,600, bringing the total amount to $1 million.
Each unit consists of one share and one warrant exercisable at C$0.15 for a 24-month period following closing. The securities issued in the second tranche are subject to a four-month gold period ending on May 30, 2021.
VanadiumCorp also owns one of the largest and metallurgically-favourable vanadium mineral deposits in the world, located in Quebec, Canada.
Funds raised in the financing will go towards general working capital.
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