VR Resources Ltd. announced a hard-dollar non-brokered private placement of 25,000,000 units at a price of CAD 0.16 per unit for gross proceeds of up to CAD 4,000,000 on a best-efforts basis on August 19, 2022. Each unit will consist of one common share of the company and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of CAD 0.25 per common share for a period of 18 months from the closing date of the transaction. The company may pay up to a 6% cash finders fee in relation to the financing.

The transaction may include participation from certain insiders of the company. The transaction is expected to close on or before September 30, 2022 and is subject to all regulatory approvals including the approval of the TSX Venture Exchange. The securities issued in the transaction is subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.