VR Resources Ltd. (CVE:VRR) announced on Friday the launch of a non-brokered flow-through (FT) private placement to raise a gross amount of $150,000.
The financing will consist of the issue of up to 365,854 FT shares at a price of $0.41 each. The company said it will pay a 6% cash finders fee and will issue 3% finders warrants exercisable at $0.55 per warrant share for a period of 18 months from the closing date, and a legal fee of $1,000.
READ: VR Resources closes C$1.5 million financing to help advance drilling at its Reveille silver-copper project
VR Resources said it will use the gross proceeds of the financing for mineral exploration on its mineral properties in Ontario, and more specifically for a detailed ground-based gravity geophysical survey at the Hecla-Kilmer (H-K) property planned for next month, and in follow-up to the results of the first pass drilling completed last fall, with the specific goal of identifying high-density copper sulfide concentrations within the newly discovered hydrothermal breccia system at H-K to target in the next phase of drilling.
Closing of the financing is expected to occur on or before February 26, 2021, and is subject to all regulatory approvals including the approval of the TSX Venture Exchange. The securities issued in connection with this financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.
VR Resources is an emerging junior exploration company focused on exploring large copper-gold mineral systems in the western United States. The company is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company.
The group is well financed for its exploration strategy, owns its properties outright, and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
Contact the author at jon.hopkins@proactiveinvestors.com