VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) said that mobilization was currently underway for a fall drill program at its Hecla-Kilmer (H-K) critical metals discovery in Ontario as it noted the closing of two tranches of the company's previously announced flow-through and hard dollar financings, raising over C$924,000.
The first tranche of the flow-through private placing was closed, comprising around 3.4 million units at C$0.18 each for total gross proceeds of C$608,700.
Another final closing is anticipated for the week of October 4 to coincide with the start of drilling of the high-grade rare earth element (REE) mineralization on the HK property in northern Ontario.
VR also said it had closed the second tranche of its hard dollar private placement, consisting of around 1.97 million units at C$0.16 each for total gross proceeds of C$315,760.
READ: VR Resources announces non-brokered flow-through private placement to fund a drill program on its Hecla-Kilmer Critical Metals discovery
As reported previously, the units for both financings consist of one share and one half of a share purchase warrant with each whole warrant entitling the holder to buy an additional share for C$0.25 for 18 months from closing.
"Mobilization is underway for the fall drill program at the Hecla-Kilmer critical metals discovery in northern Ontario. Drilling is expected to commence during the week of October 4th, and run for approximately four weeks," VR Resources said in a statement.
"The objective is to complete additional drill holes into at least two of four areas where high grade rare earth element mineralization has been intersected at or near surface within the multiphase complex at H-K. The company will also consider completing the first reconnaissance drill hole into its Northway target located approximately 15 km to the northeast of Hecla-Kilmer."
VR is a junior explorer focused on greenfield opportunities in critical metals, copper and gold.
Contact the writer at giles@proactiveinvestors.com