Business
VR Closes Financing and Plans to Mobilize for Additional Drilling at the Northway Kimberlite Breccia in Northern Ontario
(TheNewswire) Vancouver, BC - TheNewswire - June 07, 2023 - VR Resources Ltd ...
About this update from Vr Resources Ltd.
[{"type":"text","content":"VR Closes Financing and Plans to Mobilize for Additional Drilling at the Northway Kimberlite Breccia in Northern Ontario\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n June 07, 2023 -\n \n \n VR\nResources Ltd\n \n \n .\n \n \n (\n \n \n TSX.V: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 (Company\n \n ), or (VR)\n \n , is pleased to announce it has closed the recently\nannounced, non-brokered private placement (the “\n \n \n Financing\n \n \n ”) for\ngross proceeds of\n \n \n $836,000\n \n \n .  Plans are now underway to take\nadvantage of the drill that remains on site at the nearby Hecla-Kilmer\nREE project in order to complete an additional drill hole later this\nmonth on the large kimberlite breccia complex discovered nearby at the\nCompany’s Northway property.\n \n \n \n \n Terms of the financing are outlined in\n \n \n NR-23-02\n \n \n dated June\n2, 2023.  The completed Financing is as follows:\n \n \n \n \n \n \n Flow Through private placement consisting of\n \n \n 2,051,282\n \n \n FT Units at a price of\n \n \n $0.195\n \n \n per FT Unit\nfor proceeds of\n \n \n $400,000\n \n \n , and;\n \n \n \n \n \n \n Hard dollar private placement consisting of\n \n \n 2,422,222\n \n \n nits at a price of\n \n \n $0.18\n \n \n per Unit for total gross proceeds of\n \n \n $436,000\n \n \n \n \n \n \n Each FT Unit consist of one Flow Through common share\nand one-half of a common share purchase warrant (\n \n \n “Warrant”\n \n \n ), with\neach whole Warrant entitling the holder to acquire one additional\ncommon share at an exercise price of\n \n \n $0.25\n \n \n per common\nshare until June 7, 2023.\n \n \n Each HD Unit\nconsists of one common share and a Warrant on the same terms as the FT\nUnits.\n \n \n \n \n The Company paid a cash fee totaling $24,000\n \n \n for\n \n \n certain placements\ninto the Financing.\n \n \n \n \n The securities that were issued today for the Financing\nare subject to\n \n \n a statutory four month and one\nday hold period expiring on\n \n \n October 8,\n2023.\n \n \n \n \n Use of Proceeds\n \n \n \n VR plans to use the gross proceeds of the Financing for mineral\nexploration in northern Ontario, and for general working capital for\nthe Company. More specificall...