Business
VR Completes Sale of Hecla-Kilmer
(TheNewswire) July 23, 2024, - TheNewswire - Vancouver, B.C. : VR Resou...
About this update from Vr Resources Ltd.
[{"type":"text","content":"VR Completes Sale of Hecla-Kilmer\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n July 23, 2024, -\n \n \n TheNewswire -\n \n \n Vancouver, B.C.\n \n \n :\n \n \n VR\n \n \n Resources\n \n \n Ltd.\n \n \n (TSX.V: VRR, FSE: 5VR; OTCQB:\nVRRCF; the \"\n \n \n Company\n \n \n \", or “\n \n \n VR\n \n \n ”), is pleased to\nannounce that further to its news releases of March 11, 2024, April\n26, 2024 and May 31, 2024, the Company has c\n \n \n \n \n ompleted the sale of its\nHecla-Kilmer REE mineral property to Neotech Metals Corp.\n(“\n \n \n Neotech\n \n \n ”).\n \n \n \n \n In consideration for the sale of the Hecla-Kilmer\nproject, the Company received a cash consideration of $1,000,000, as\nwell as 4,000,000 common shares in the capital of NeoTech.  The\nNeotech shares will be released from escrow over a period of 30\nmonths, with an initial 500,000 shares being released on completion of\nthe transaction. VR has also retained the right to buy-down, at any\ntime, up to one half of the existing  3% NSR on the property (the\n“Existing Royalty”)  from the original property vendors. Should\nVR exercise such right, VR will receive from Neotech a NSR on the\nproperty equal to the percentage that the Existing Royalty is reduced.\nVR also has the right to nominate one person to the Board of Directors\nor Advisory Committee of NeoTech.\n \n \n \n \n About VR Resources\n \n \n \n \n VR is an established junior exploration company based\nin Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates,\nexplores and advances large-scale, blue-sky opportunities in copper,\ngold and critical metals in Nevada, USA, and Ontario, Canada. The\nCompany recently made Canada’s newest greenfields diamond-bearing\nkimberlite discovery in northern Ontario, and controls a new field of\nkimberlite targets around it. VR applies modern exploration\ntechnologies and leverages in-house experience and expertise in\ngreenfields exploration to large-footprint mineral systems in\nunderexplored areas/districts. The foundation of VR is the proven\ntrack record of its Board in early-stage exploration, discovery and\nM&A. The Company is well-financed for its mineral exploration and\ncorporate obligations. VR owns its properties outright and evaluates\nnew opportunities on an o...