VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) has announced a non-brokered flow-through private placement for $1 million.
The non-brokered flow-through private placement will consist of up to 2,631,579 flow-through shares (FT shares) at a price of $0.38 per FT share.
VR said it will use the gross proceeds of the financing for mineral exploration on its Hecla-Kilmer property in northern Ontario, and more specifically for a drill program anticipated for this upcoming winter, 2022, to follow-up on results from the second reconnaissance drill program completed this past fall, as summarized in its recent news release.
READ: VR Resources uncovers new rare earths and critical metals system in Canada at Hecla-Kilmer project in Ontario
The company noted that it will pay a 6% cash finders fee and will issue 6% finders warrants exercisable at $0.50 per warrant share for a period of 18 months from the closing date.
The closing date of the financing is expected to occur on or before December 3, 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.
The securities have not been registered under the US Securities Act of 1933, as amended, or any US state securities laws, and may not be offered or sold in the United States or to US persons without registration under the US Securities Act and all applicable state securities laws or compliance with an exemption from such registration.
VR Resources, an established junior exploration company focused on greenfields opportunities in copper and gold, is the continuance of four years of active exploration in Nevada by a Vancouver-based private company.
The diverse experience and proven track record of its board in early-stage exploration, discovery and M&A is the foundation of the company.
VR focuses on underexplored, large-footprint mineral systems in the western United States and Canada, and is well-financed for its exploration strategies and corporate obligations. It 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