Business
VR Resources Announces $1M Non-Brokered Private Placement to Solidify Plans Follow-Up Drilling in September at its Hecla-Kilmer copper-gold property in Ontario
VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), announces a non-br
About this update from Vr Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), announces a non-brokered private placement (“Financing”) for gross proceeds of $1,000,000. The financing has two parts. A flow-through private placement will consist of up to 1,190,476 flow-through shares (“FT Shares”) at a price of $0.42 per FT Share for gross proceeds of $500,000. A hard-dollar private placement will consist of 1,428,571 units (the “Units”) at a price of $0.35 per Unit for gross proceeds of $500,000, with each Unit consisting of one common share (“Common Share”) of the Company and one-half of a common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.55 per Common Share for a period of 18 months from the closing date (“Closing Date”) of the Financing. The Company may pay up to a 6% cash finders fee and issue up to 6% finders warrants exercisable at $0.55 per warrant share for a period of 18 months from the closing date. VR will use the gross proceeds of the Financing for its mineral exploration business, and more specifically to solidify the Company’s plan for follow-up drilling this September at its Hecla-Kilmer IOCG project in Northern Ontario, in response to a large, high amplitude and high contrast gravity anomaly announced last Wednesday (see news release dated May 5, 2021, for details). The financing is expected to Close on or before May 21, 2021, 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. From VR’s CEO, Dr. Michael Gunning “I wish to take this opportunity to sincerely thank two of our core, institutional share holders for their support. This financing strategy strengthens VR’s business model in general, and more specifically our exploration programs in both Ontario and Nevada through 2021. In particular, these funds will allow us start planning immediately for follow-up drilling in September at Hecla-Kilmer, including the confirmation of key service company contracts necessary for the successful execution of that program. In the meantime, we...