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VR Resources Increases Non-Brokered Private Placement to $2.2 Million
VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), announces that it
About this update from Vr Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 01, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), announces that it has increased its previously announced (see NR20-04 dated May 25, 2020) non-brokered private placement offering (the “Offering”) to up to $2.2 million. The Offering will now consist of up to 8,725,486 units (the “Units”) at a price of $0.22 per Unit. Each Unit will consist 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 $0.35 per Common Share for a period of 18 months from the closing date (“Closing Date”) of the Financing, and up to 1,291,667 flow-through common shares (“FT Shares”) at a price of $0.24 per FT Share, for gross aggregate proceeds of up to $2,229,607. 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 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 commission in cash and warrants equal to 6% of the value of select proceeds raised under the Financing, specifically excluding any funds raised from insiders. The finder’s warrants are exercisable for a period of 18 months from the Closing Date at an exercise price of $0.35 per warrant share. VR will use the gross proceeds of the Financing for mineral exploration on its properties in Nevada and Ontario, and for general administrative costs. Closing Date of the Financing is expected to occur on or around June 12, 2020, and is subject to all regulatory approvals including the approval of the TSX Venture Exchange. The securities issued in connection with this...