The financing is a hard-dollar private placement, non-brokered, on a best efforts basis. It will consist of 25,000,000 units (the “Units”) at a price of
Certain insiders of the Company may participate in the Financing. The issuance of Units to insiders of the Company pursuant to the Financing will be considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (MI 61-101). The Company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of them participation in the Financing by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
VR will use the gross proceeds of the Financing for its mineral exploration business, and more specifically to solidify the Company’s plan for continued drilling at its Hecla-Kilmer critical metal discovery in northern
The financing is expected to Close on or before
The securities have not been registered under the
About
VR is an established junior exploration company focused on greenfields opportunities in copper, gold and critical metals (TSX.V: VRR;
The Company continues its normal course of business in 2022 within the framework of modified exploration programs in response to the COVID-19 pandemic, with the goal of ensuring the health and safety of staff and project personnel.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
_____________________________
Dr.
President & CEO
For general information please use the following: | ||
Website: | www.vrr.ca | |
Email: | info@vrr.ca | |
Phone: | 604-262-1104 | |
Contact: | 604-374-3708 |
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Forward looking statements in this release, for example include but are not limited to: the general use of proceeds, that the Company will complete the financing; that the Company will carry out exploration on its
Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in the securities of the Company should be considered highly speculative.
All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Neither the
Source:
2022 GlobeNewswire, Inc., source