VR Resources closes second and final tranche of non-brokered flow-through private placement for aggregate gross proceeds of $2256060 - Proactive Investors USA

In transportation with the 2nd tranche closing of the financing, VR Resources issued an further 1.67 cardinal flow-through units

VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) said it has closed the 2nd and last tranche of its antecedently announced non-brokered flow-through (FT) backstage placement for aggregate gross proceeds of $2,256,060. 

In transportation with the 2nd tranche closing of the FT financing, the institution issued an further 1.67 cardinal FT units. In summation to the FT financing, the institution besides completed the 2nd and last closing of its non-brokered hard dollar backstage placement. 

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 high-grade REE captious metallic mineralization connected its Hecla-Kilmer spot successful Northern Ontario.

READ: VR Resources says autumn drill programme is underway astatine its Hecla-Kilmer captious metals find successful Ontario

The breakdown of the offerings is:

• FT financing, consisting of 5,051,667 units astatine a terms of 18 cents per FT portion for full gross proceeds of $909,300;
• Hard dollar financing, consisting of 8,417,250 units astatine a terms of 16 cents per portion for full gross proceeds of $1,331,600.

Each of the units consists of 1 flow-through communal stock and 1 non-flow-through 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-through communal stock astatine 25 cents for a play of 18 months from the respective closing dates of the financings.

In transportation with the financings, the institution paid aggregate currency fees totalling $50,772.00 to definite finders.

The institution has said it 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 Northern Ontario, and much specifically for a drill programme planned for this autumn connected its Hecla-Kilmer captious metals find successful Northern Ontario. 

The securities that were issued nether the financings are taxable to a four-month clasp play commencing from the respective closing dates of specified financings.

VR Resources is an established inferior exploration institution focused connected greenfields opportunities successful captious metals, copper and gold. VR is the continuance of 4 years of progressive exploration by a Vancouver-based backstage company. The divers acquisition and proven grounds of its committee successful early-stage exploration, discovery, and M&A (mergers and acquisitions) is the instauration of VR. 

The institution is good financed for its firm obligations and mineral exploration plans, focused connected underexplored large-footprint mineral systems successful the Western United States and Canada. VR owns its properties outright and evaluates caller opportunities connected an continuing basis, whether by staking oregon acquisition.

Contact the writer astatine jon.hopkins@proactiveinvestors.com