Business
VR Resources Announces a Flow-Through Private Placement of Up to $540,000
VANCOUVER, British Columbia, Dec. 17, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), is pleased to ann
About this update from Vr Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 17, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), is pleased to announce a non-brokered flow-through private placement for gross proceeds of up to $541,475 (“the Financing”) in support of it’s 2020 exploration at its Ranoke copper-gold project in Ontario. The Financing will consist of up to 1,483,493 flow-through common shares (“FT Shares”) at a price of $0.365 per FT Share. Certain insiders of the Company intend to participate in the Financing. The issuance of FT Shares to insiders of the Company pursuant to the Financing will be considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (MI 61-101). The Company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the Financing by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company may pay a finders fee of 7%, in cash, on select proceeds raised under the Financing. The Closing date of the Financing is expected to be on or before December 31, 2019 and is subject to all regulatory approvals including the approval of the TSX Venture Exchange. The securities issued in connection with this Financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and all applicable state securities laws or compliance with an exemption from such registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale woul...