Business
VR Closes Financing for Gross Proceeds of Approximately $1.9 Million
(TheNewswire) Vancouver, BC - TheNewswire - May 9, 2023 - VR Resources Ltd ...
About this update from Vr Resources Ltd.
[{"type":"text","content":"VR Closes Financing for Gross Proceeds of Approximately $1.9 Million\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 May 9, 2023\n \n \n -\n \n \n VR Resources\nLtd\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 (\n \n \n Company\n \n ), or (\n \n VR\n \n )\n \n , is pleased to announce it has Closed the\nrecently announced, non-brokered private placement (the\n“\n \n \n Financing\n \n \n ”) for gross proceeds of\n \n \n $1.88M\n \n \n . Plans are now\nunderway to commence drilling next month at the Company’s REE\ncritical metals project at Hecla-Kilmer and the kimberlite discovery\nnearby at Northway, located in northern Ontario.\n \n \n \n \n The First Tranche of the Financing was recently closed\nfor gross proceeds of approximately\n \n \n $1.7M\n \n \n as described in\nNR-23-07 dated April 19, 2023.  Today the Company issued today an\nadditional\n \n \n 1,270,743\n \n \n Units, as defined below, for gross\nproceeds of\n \n \n $177,904 (“Final\nTranche”)\n \n \n to Close the Financing.\n \n \n \n \n The completed Financing in its entirety breaks down as\nfollows:\n \n \n \n \n \n \n Flow Through private placement, consisting of\n \n \n 7,971,250\n \n \n units at a price of\n \n \n $0.16\n \n \n per Unit for total gross proceeds of\n \n \n $1,275,400\n \n \n \n \n \n \n Hard dollar private placement, consisting of\n \n \n 4,300,743\n \n \n units at a price of\n \n \n $0.14\n \n \n per Unit for total gross proceeds of\n \n \n $602,104\n \n \n \n \n \n \n Use of Proceeds Going Forward\n \n \n \n \n VR will use the net proceeds of the Financing for its\nmineral exploration business, including active exploration on various\nmineral properties held in Ontario, Canada, and Nevada, USA.\n \n \n \n \n Ontario\n \n \n .  The\nsuccessful Close of the Financing allows the Company to commence its\nspring drill program in northern Ontario.  The camp was re-opened\nlast week and is ready for the start-up of drilling planned for next\nweek on the kimberlite breccia pipe at Northway, followed by drilling\nat the nearby Hecla-Kilmer REE critical metal project.  Drilling is\nexpected to take approxi...