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VR Resources Closes $1 Million Private Placement and Receives $200K OJEP Grant to Confirm Funding for Follow-Up Drilling Planned for this Winter at Hecla-Kilmer
VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company” or “VR”) is pleased to anno
About this update from Vr Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 01, 2021 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company” or “VR”) is pleased to announce that it has closed its previously announced non-brokered flow-through private placement (“Financing”) consisting of 2,631,579 flow-through shares (“FT Shares”) at a price of $0.38 per flow-through share for gross proceeds of $1,000,000. In connection with the Financing, the Company paid a cash finders fee of $60,000.00, issued 157,894 finders share purchase warrants exercisable at $0.50 per warrant for a period of 18 months from todays closing. The securities that were issued under the Financing are subject to a four month hold period under Canadian securities law. Use of proceeds will be for exploration on the Company’s Hecla-Kilmer property in northern Ontario. 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 would be unlawful. The Company was informed by the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry (“MNDM”) on October 29, 2021, that its application to the Ontario Junior Exploration Program, OJEP, was successful, awarding the Company a maximum $200,000 grant, conditional only on the completion of the template investment agreement which governs the program grants. From the Company’s CEO, “this strategic placement of FT funds, in combination with the OJEP grant will allow us to move forward and secure a drill for the upcoming winter season to follow up on our recent discovery of critical metals within the large fluorite-carbonate hydrothermal breccia system at H-K. The final geochemical data yet to be received from the drill program this fall will be integrated with all of our existing geochemical data, mineral data and geophysical models i...