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VR Resources Announces $4 Million non-brokered private placement in order to advance the Critical Metals discovery at its Hecla-Kilmer property in Ontario.
VANCOUVER, British Columbia, Aug. 19, 2022 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), announces a non-b
About this update from Vr Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 19, 2022 (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 up to $4,000,000. The financing is a hard-dollar private placement, non-brokered, on a best efforts basis. It will consist of 25,000,000 units (the “Units”) at a price of $0.16 per Unit for gross proceeds of up to $4,000,000, 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 $0.25 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 in relation to the financing. Certain insiders of the Company may participate in the Financing. The issuance of Units 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 them 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. VR will use the gross proceeds of the Financing for its mineral exploration business, and more specifically to solidify the Company’s plan for continued drilling at its Hecla-Kilmer critical metal discovery in northern Ontario. The financing is expected to Close on or before September 30, 2022 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...