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VR Announces $2m Non-Brokered Private Placement to Solidify Plans for Follow-Up Drilling in May at its Hecla-Kilmer Ree and Northway Kimberlite Discoveries in Ontario
(TheNewswire) Vancouver, BC - TheNewswire - April 4, 2023 - VR Resources Ltd ...
About this update from Vr Resources Ltd.
[{"type":"text","content":"VR Announces $2m Non-Brokered Private Placement to Solidify Plans for Follow-Up Drilling in May at its Hecla-Kilmer Ree and Northway Kimberlite Discoveries in Ontario\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 \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n April 4, 2023 -\n \n \n VR\nResources Ltd\n \n \n .\n \n \n (\n \n \n TSXV:VRR\n \n \n )\n \n \n (\n \n \n FSE:5VR\n \n \n )\n \n \n (\n \n \n OTC:VRRCF\n \n \n ), the (\n \n \n Company\n \n ), or (\n \n VR\n \n )\n \n , announces a $2m non-brokered private\nplacement (the “Financing”), with funds to be directed to drilling\nthis spring for the initial micro-diamond evaluation at the\nCompany’s Northway kimberlite discovery, and for infill drilling and\nmetallogeny at the Hecla-Kilmer REE critical mineral discovery, both\nlocated in northern Ontario.\n \n \n \n \n The private placement financing includes both\nflow-through and hard dollar units. The flow-through component will\nconsist of up to 8,571,429 units (the “FT Units”) at a price of\n \n \n $0.16\n \n \n per FT Unit for gross proceeds of up to\n \n \n $1,200,000\n \n \n , with each\nFT Unit consisting of one Flow Through common share (“Flow-Through\nShare”) of the Company and one-half of a common share purchase\nwarrant (“Warrant”). Each whole Warrant entitling the holder to\nacquire one additional common share at an exercise price of\n \n \n $0.23\n \n \n per common share for a period of 18 months from the closing date\n(“Closing Date”). The hard-dollar component will consist of up to\n5,714,286 units (the “HD Units”) at a price of\n \n \n $0.14\n \n \n per HD Unit for\ngross proceeds of up to\n \n \n $800,000\n \n \n . Each HD Unit will consist of one\ncommon share of the Company and one-half of a common share purchase\nwarrant (“Warrant”), with each whole Warrant entitling the holder\nto acquire one additional common share at an exercise price of\n \n \n $0.23\n \n \n per common share for a period of 18 months from the closing date\n(“Closing Date”) of the Financing.\n \n \n \n \n The Company may pay a finder’s fee of up to a 6% cash\nfor subscriptions to the financing.\n \n \n \n \n The Closing Date for the placement is...