VR Closes $1 Million Private Placement and Receives $200K OJEP Grant to Confirm Funding for Follow-Up Drilling Planned for this Winter at Hecla-Kilmer
December 01 2021 - 5:00PM
VR Resources Ltd. (
TSX.V: VRR; FSE: 5VR;
OTCQB: VRRCF) (the “Company” or “VR”) is
pleased to announce that it has closed its previously announced
non-brokered flow-through private placement (“Financing”)
consisting of
2,631,579 flow-through shares (“FT
Shares”) at a price of
$0.38 per flow-through
share for gross proceeds of
$1,000,000. In
connection with the Financing, the Company paid a cash finders fee
of $60,000.00, issued 157,894 finders share purchase warrants
exercisable at $0.50 per warrant for a period of 18 months from
todays closing. The securities that were issued under the Financing
are subject to a four month hold period under Canadian securities
law. Use of proceeds will be for exploration on the Company’s
Hecla-Kilmer property in northern Ontario.
The securities have not been registered under the
U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any U.S. state securities laws, and
may not be offered or sold in the “United States” or to “U.S.
persons” (as such terms are defined in Regulation S under the U.S.
Securities Act) without registration under the U.S. Securities Act
and all applicable state securities laws or compliance with an
exemption from such registration. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful.
The Company was informed by the Ontario Ministry
of Northern Development, Mines, Natural Resources and Forestry
(“MNDM”) on October 29, 2021, that its application to the Ontario
Junior Exploration Program, OJEP, was successful, awarding the
Company a maximum $200,000 grant, conditional only
on the completion of the template investment agreement which
governs the program grants.
From the Company’s CEO, “this strategic
placement of FT funds, in combination with the OJEP grant will
allow us to move forward and secure a drill for the upcoming winter
season to follow up on our recent discovery of critical metals
within the large fluorite-carbonate hydrothermal breccia system at
H-K. The final geochemical data yet to be received from the drill
program this fall will be integrated with all of our existing
geochemical data, mineral data and geophysical models in order to
prioritize targets for the follow-up drill program planned for this
winter.
With thanks to our largest, and core FT
shareholder for this placement, and to MNDM for awarding VR in the
OJEP program, I will look forward to providing further updates as
our work at Hecla-Kilmer advances. Our goal for the follow-up
drilling will be twofold: 1. Identify and test the structures which
control the large volume of REE + Nb mineralization discovered in
2021, and; 2. Continue to evaluate the copper and gold potential of
integrated targets that remain untested elsewhere in the large and
multiphase alkaline complex with carbonatite at H-K.”
ON BEHALF OF THE BOARD OF
DIRECTORS:
“Michael H.
Gunning”_____________________________Dr. Michael H.
Gunning, PhD, PGeoPresident & CEO
For general information please use the
following: |
Website: |
www.vrr.ca |
|
Email: |
info@vrr.ca |
|
Phone: |
Michael Gunning |
604-262-1104 |
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in copper and
gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF).
VR is the continuance of 4 years of active exploration in Nevada by
a Vancouver-based private company. The diverse experience and
proven track record of its Board in early-stage exploration,
discovery and M&A is the foundation of VR. The Company focuses
on underexplored, large-footprint mineral systems in the western
United States and Canada, and is well financed for its exploration
strategies and corporate obligations. VR owns its properties
outright, and evaluates new opportunities on an ongoing basis,
whether by staking or acquisition.
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 Company’s
plans to carry out exploration at its Hecla-Kilmer property in
Ontario.
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 TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in Policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release
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