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VANADIUMCORP Files For Conditional Approval of $4 Million Financing
(TheNewswire) Vancouver, British Columbia – TheNewswire - September 19...
About this update from Vanadiumcorp Resource Inc
[{"type":"text","content":"VANADIUMCORP Files For Conditional Approval of $4 Million Financing\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n September 19, 2022 –\n \n \n VanadiumCorp Resources Inc. (TSXV:VRB)\n(OTC:APAFF) (FSE:NWN)\n \n \n (the “Company”) is\npleased to announce it has filed documents seeking Conditional\nApproval of its four ($4) million private placement financing (the\n“Financing”) previously announced July 30, 2022.\n \n \n \n \n The Company has also filed for approval to close the\nfirst tranche of the Financing for aggregate gross proceeds of\n$1,315,200.  On receipt of the TSX Venture Exchange (“Exchange”)\napproval to close this first tranche, the Company will issue 4,793,333\n$0.12 flow-through units (the “FT Units”) and 7,400,000 $0.10\nnon-flow-through units (NFT Units).\n \n \n \n \n Each FT Unit consists of one (1) flow-through common\nshare of the Company and one (1) non-flow through common share\npurchase warrant (the “NFT Warrant”) with each NFT Warrant\nexercisable to purchase an additional non-flow-through common share of\nthe Company for $0.18 for 24 months from the date of issue.\n \n \n \n \n Each NFT Unit consists of one (1) common share of the\nCompany and one (1) common share purchase warrant (the “Warrants”)\nwith each Warrant exercisable to purchase an additional common share\nof the Company for $0.18 for 24 months from the date of issue.\n \n \n \n \n Subject to Exchange approval, cash finders’ fees in\nthe amount of $41,112 will be paid and 353,600 broker warrants will be\nissued.\n \n \n \n \n The first tranche of the Financing was effected with 3\ninsiders, subscribing for a total of $410,000 or 4,100,000 NFT Units,\nthat portion of the Financing a “related party transaction” as\nsuch term is defined under MI 61-101 – Protection of Minority\nSecurity Holders in Special Transactions.  The Company is relying on\nexemptions from the formal valuation requirement of MI-61-101 under\nsections 5.5(a) and (b) of MI 61-101 in respect of the transaction as\nthe fair market value of the transaction, insofar as it involves the\ninterested party, is not more than 25...