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VR arranges $800k non-brokered private placement for additional drilling at the Northway kimberlite discovery in northern Ontario
(TheNewswire) June 2, 2023 – TheNewswire - Vancouver, B.C. - VR Resource...
About this update from Vr Resources Ltd.
[{"type":"text","content":"VR arranges $800k non-brokered private placement for additional drilling at the Northway kimberlite discovery in northern Ontario\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n June 2, 2023\n \n \n –\n \n \n TheNewswire -\n \n \n Vancouver, B.C. - VR Resources Ltd\n \n \n .\n \n \n (\n \n \n TSXV:VRR\n \n \n )\n \n \n ;\n \n \n (\n \n \n FSE:5VR\n \n \n )\n \n \n ;\n \n \n (\n \n \n OTC:VRRCF\n \n \n ), the\n(Company\n \n ), or (VR)\n \n , announces a non-brokered\nprivate placement for\n \n \n $800,000\n \n \n (the “Financing”). The Company\nplans to direct the funds immediately into completion of an additional\ndrill hole later this month into the large kimberlite breccia complex\ndiscovered at its Northway property in northern Ontario. This drill\nhole will enable the Company to increase the amount of drill core\navailable for the initial micro-diamond evaluation of the kimberlite\nat Northway, to be completed at the SRC laboratory in Saskatoon\nfollowing completion of the drilling.\n \n \n \n \n The Financing includes one flow through subscription\nand one hard dollar subscription by two institutional investors, both\ncurrent core shareholders in VR. The flow-through component will\nconsist of up to 2,051,282 units (the\n \n \n “FT Units”\n \n \n ) at a\nprice of\n \n \n $0.195\n \n \n per FT Unit for gross proceeds of up to\n \n \n $400,000.\n \n \n Each FT\nUnit consisting of one Flow Through common share (\n \n \n “Flow-Through Share”\n \n \n ) of the Company and one-half of a common share purchase\nwarrant (\n \n \n “Warrant”\n \n \n ), with each whole Warrant\nentitling the holder to acquire one additional common share at an\nexercise price of\n \n \n $0.25\n \n \n per common share for a period of 36\nmonths from the closing date (\n \n \n “Closing Date”\n \n \n ). The hard-dollar component\nwill consist of up to 2,222,222 units (the\n \n \n “HD Units”\n \n \n ) at a\nprice of\n \n \n $0.18\n \n \n per HD Unit for gross proceeds of up to\n \n \n $400,000.\n \n \n Each HD\nUnit will consist of one common share of the Company and one common\nshare purchase warrant, with each whole Warrant entitling the holder\nto acquire one additional common share at an exercise price of\n \n \n $0.25\n \n \n per common share for a period of 36...