VR COMPLETES FINANCINGS, FOR AGGREGATE GROSS PROCEEDS OF - GlobeNewswire

VANCOUVER, British Columbia, Oct. 14, 2022 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company” oregon “VR”) is pleased to announce, further to its quality releases dated September 15 and 26, 2022, the 2nd and last closing of the antecedently announced non-brokered Flow Through backstage placement (the “FT Financing”). In transportation with the 2nd tranche closing of the FT Financing, the Company issued contiguous an further 1,670,000 FT Units (as defined below). In summation to the FT Financing, the Company precocious completed its 2nd and last closing of its non-brokered Hard dollar backstage placement (the “Hard dollar Financing”, and collectively, the “Financings”) (see NR22-11, NR22-12 and NR22-14 dated August 19, August 30 and September 26, 2022, respectively). The closing of the Financings is successful performance with the start-up of the autumn drill programme to follow-up connected the Company’s find of precocious people REE captious metallic mineralization connected its Hecla-Kilmer spot successful bluish Ontario (see NR22-15 dated Oct. 12, 2022).

The aggregate gross proceeds raised from the Financings is $2,256,060. The interruption down is arsenic follows:

• FT Financing, consisting of 5,051,667 units (“FT Units“) astatine a terms of $0.18 per FT Unit for full gross proceeds of $909,300.
• Hard dollar Financing, consisting of 8,417,250 units (“Units“) astatine a terms of $0.16 per Unit for full gross proceeds of $1,331,600.

Supporting Information connected Financings

Each of the FT Units and the Units consists of 1 flow-through communal stock and 1 non-flow done communal share, respectively, and one-half of a communal stock acquisition warrant, with each full warrant entitling the holder to acquisition an further non-flow done communal stock astatine $0.25 for a play of 18 months from the respective closing dates of the Financings.

In transportation with the Financings, the Company paid aggregate currency fees totaling $50,772.00 to definite finders.

The securities that were issued nether the Financings are taxable to a 4 period clasp play commencing from the respective closing dates of specified Financings.

VR volition usage the gross proceeds from the Hard dollar Financing for its mineral exploration business, including progressive exploration connected its assorted mineral properties held successful Ontario, Canada and Nevada, USA. VR volition usage the gross proceeds from the FT Financing for mineral exploration connected its Hecla-Kilmer spot successful bluish Ontario, and much specifically for a drill programme planned for this autumn connected its Hecla-Kilmer captious metals find successful bluish Ontario.   For example, the start-up of the autumn drill programme to follow-up connected the Company’s find of precocious people REE captious metallic mineralization astatine its Hecla-Kilmer spot successful bluish Ontario was announced connected October 12, 2022, with a tract video from the drill tract disposable connected the Hecla-Kilmer task leafage connected the Company’s website astatine www.vrr.ca .

The securities person not been registered nether the U.S. Securities Act of 1933, arsenic amended (the “U.S. Securities Act”), oregon immoderate U.S. authorities securities laws, and whitethorn not beryllium offered oregon sold successful the “United States” oregon to “U.S. persons” (as specified presumption are defined successful Regulation S nether the U.S. Securities Act) without registration nether the U.S. Securities Act and each applicable authorities securities laws oregon compliance with an exemption from specified registration. This property merchandise shall not represent an connection to merchantability oregon the solicitation of an connection to bargain nor shall determination beryllium immoderate merchantability of the securities successful immoderate authorities successful which specified offer, solicitation oregon merchantability would beryllium unlawful.

About VR Resources

VR is an established inferior exploration institution focused connected greenfields opportunities successful captious metals, copper and golden (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the continuance of 4 years of progressive exploration by a Vancouver-based backstage company. The divers acquisition and proven way grounds of its Board successful early-stage exploration, find and M&A is the instauration of VR. The Company is well-financed for its firm obligations and mineral exploration plans which are focused connected underexplored, large-footprint mineral systems successful the occidental United States and Canada. VR owns its properties outright and evaluates caller opportunities connected an ongoing basis, whether by staking oregon acquisition.

The Company continues its mean people of concern successful 2022 wrong the model of modified exploration programs successful effect to the COVID-19 pandemic, with the extremity of ensuring the wellness and information of unit and task personnel.

ON BEHALF OF THE BOARD OF DIRECTORS:

"Michael H. Gunning"
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO

Forward Looking Statements

This property merchandise contains forward-looking statements. Forward-looking statements are typically identified by words specified as: believe, expect, anticipate, intend, estimate, postulate and akin expressions oregon are those which, by their nature, notation to aboriginal events. Forward looking statements successful this release, for illustration see but are not constricted to the Company plans to transportation retired exploration connected its assorted mineral properties held successful Ontario, Canada, and Nevada, USA.

Although the Company believes that the usage of specified statements is reasonable, determination tin beryllium nary assurance that specified statements volition beryllium to beryllium accurate, and existent results and aboriginal events could disagree materially from those anticipated successful specified statements. The Company cautions investors that immoderate forward-looking statements by the Company are not guarantees of aboriginal performance, and that existent results whitethorn disagree materially from those successful forward-looking statements. Trading successful the securities of the Company should beryllium considered highly speculative.

All of the Company’s filings tin beryllium accessed via www.sedar.com, and readers are urged to reappraisal these disclosure materials.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that word is defined successful Policies of the TSX Venture Exchange) accepts work for the adequacy oregon accuracy of this release