THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF US SECURITIES LAWS.
VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) — VR Resources Ltd.. (TSX.V: VRR; ESF: 5VR; OTCQB: VRRCF) (the “Company” or “VR”) is pleased to announce the closing of two tranches of its previously announced flow-through and hard dollar financings. A third and final closure is scheduled for the week of October 4e, in conjunction with the planned start of the fall drilling program upon the Company’s discovery of high-grade REE mineralization on its Hecla-Kilmer property in northern Ontario. In summary:
- Closing of the first tranche of its previously announced flow-through private placement, consisting of 3,381,667 units at the price of $0.18 per unit for total gross proceeds of $608,700. The balance of the private placement is confirmed and is expected to close as indicated above;
- Closing of the second tranche of its previously announced hard dollar private placement, consisting of 1,973,500 units at the price of $0.16 per unit for total gross proceeds of $315,760;
- Confirmed a reward of $200,000 from the Ontario government in the second year of its JOPE critical metals grant program.
Mobilization is underway for the fall drill program at the Hecla-Kilmer critical metals discovery in northern Ontario. Drilling is expected to begin during the week of October 4e, and run for about four weeks. The objective is to complete additional drill holes in at least two of the four zones where high-grade rare earth element mineralization has been intersected at or near surface in the multiphase complex at HK. The Company will also consider completing the first reconnaissance drill hole at its Northway target located approximately 15 km northeast of Hecla-Kilmer (see NR22-09, dated July 27, 2022).
Additional information on funding
As described in detail in previous press releases, NR22-11 August 19 and NR22-13 on September 15, 2022, the units for both financings consist of one common share and one-half common share purchase warrant, with each whole warrant entitling its holder to purchase one additional common share at $0.25 for a period of 18 months from the Closing Date.
In connection with the tranches announced herein, the Company has paid cash fees totaling $48,875 to some discoverers.
Securities that have been issued pursuant to the Financing are subject to a hold period of four months from the closing date under Canadian securities laws.
VR will use the net proceeds of the financing for its mineral exploration activities, including active exploration on various mineral properties held in Ontario, Canada, and Nevada, United States.
The securities have not been registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”), or any United States securities law, and may not be offered or sold in the “United States” or to “US Persons”. (as such terms are defined in Regulation S of the United States Securities Law) without registration under United States Securities Law and all applicable state securities laws or compliance with a exempt from such registration. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any state where such offer, solicitation or sale would be unlawful.
Stock option allocation
The Company has approved the grant of 1,325,000 incentive stock options at a price of $0.16 and exercisable for a period of five years to various directors, officers and employees of the Company, and in accordance with the terms of the Company’s stock option plan.
About VR Resources
VR is an established junior exploration company focused on new deposit opportunities in critical metals, copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the continuation of 4 years of active exploration by a private company based in Vancouver. The diverse experience and proven track record of its board of directors in exploration, discovery, and early-stage mergers and acquisitions forms the foundation of virtual reality. The Company is well funded for its corporate obligations and mining exploration plans, focused on underexplored, large-footprint mining systems in the western United States and Canada. VR owns its properties and is constantly evaluating new opportunities, whether through staking or acquisition.
The Company is continuing its normal course of business in 2022 under modified exploration programs in response to the COVID-19 pandemic, with the aim of ensuring the health and safety of personnel and project personnel.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
Dr. Michael H. Gunning, PhD, PGeo
President and CEO
|For general information, please use the following:|
|Contact:||Michael Gunning, CEO, @email@example.com;||Work: 604-262-1104|
This press release contains forward-looking statements. Forward-looking statements are generally identified by words such as: believe, expect, anticipate, intend, estimate, assume and similar expressions or are those which by their nature refer to future events. Forward-looking statements contained in this release include, for example, but are not limited to, the Company’s plans to conduct exploration activities at its various mineral properties held in Ontario, Canada, and Nevada, USA. United.
Although the Company believes that the use of these statements is reasonable, there can be no assurance that these statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in these statements. The Company cautions investors that the Company’s forward-looking statements are not guarantees of future performance and that actual results may differ materially from those in the forward-looking statements. Trading in the Company’s securities should be considered highly speculative.
All documents filed by the Company are accessible via www.sedar.comand readers are encouraged to consult these information documents.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.