VANCOUVER, British Columbia, Oct. 14, 2022 (GLOBE NEWSWIRE) — VR Resources Ltd. ((TSX.V:VRR, FSE:5VR,OTCQB:VRRCF) (the “Company” or “VR”) is pleased to announce, following its press releases dated September 15 and 26, 2022, the second and final closing of its previously announced non-brokered flow-through private placement (the “FT Financing”) In connection with the closing of the second tranche of the FT Financing, the Company issued an additional 1,670,000 FT Units (as defined below) today. In addition to the FT Financing, the Company recently closed its second and final closing of its non-brokered private placement in hard dollars (the “Hard Dollar Financing” and together the “Financings”) (see NR22-11, NR22-12 and NR22-14 dated August 19, August 30 and September 26, 2022, respectively). The completion of the financings coincides with the start of the fall drill program to follow up on the discovery of high-grade REE mineralization containing critical metal at its Hecla-Kilmer property in north of Ontario (see NR22-15 of 12/14/2022).
Total gross proceeds from the financings are $2,256,060. The breakdown is as follows:
- FT funding consisting of 5,051,667 Units (“FT Units”) at a price of $0.18 per FT unit for a total gross proceeds of $909,300.
- Hard dollar funding consisting of 8,417,250 Units (“Units”) at a price of $0.16 per unit for a total gross proceeds of $1,331,600.
Supporting information on financing
Each of the FT Units and the Units consists of one flow-through common share and one non-flow-through common share, respectively, and one-half common share purchase warrant, with each whole warrant entitling the holder to purchase one additional -flow-through- Common stock at $0.25 for a period of 18 months from the respective closing dates of the financings.
In connection with the financings, the Company paid certain finders cash fees totaling $50,772.00.
That…
