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First Vanadium Announces Insider Participation in Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2019) - First Vanadium Corp. (TSXV: FV...
About this update from Phenom Resources Corp
[{"type":"text","content":"First Vanadium Announces Insider Participation in Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 24, 2019) - First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (\"First Vanadium\" or the \"Company\") is pleased to announce that certain directors, officers and close associates of the Company have collectively sold 908,000 shares of the Company through the facilities of the TSX Venture Exchange, and will use the net proceeds of the sales to subscribe in the non-brokered private placement financing announced in the Company's news release dated May 21, 2019.The subscription of Units to insiders pursuant to the private placement is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization.About First Vanadium Corp.First Vanadium has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada on Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit, which is flat to shallow dipping and at shallow depths with strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres. The Company announced its maiden resource February 27, 2019. ON BEHALF OF FIRST VANADIUM CORP. per: \"Paul Cowley\"CEO & President(778) [email protected] www.firstvanadium.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-looking information Certain statements in this news release constitute \"forward-looking\" statements. These statements relate to future events or the Company's future performance and include the Company's ability to meet its obligations under the Access and Mineral Lease Agreement, the conditions required to exercise in full its option to acquire the Carlin Vanadium project, the proposed sale of shares by insiders and...