VR announces non-brokered flow-through private placement, and commences plans for drill program at Hecla-Kilmer in October
September 15 2022 - 7:45PM
VR Resources Ltd. (
TSX.V: VRR; FSE: 5VR; OTCQB:
VRRCF), the (the
“
Company” or “VR”), announces a
non-brokered flow-through private placement (the
“
Financing”) in order to confirm funds for a drill
program planned for next month on its Hecla-Kilmer Critical Metals
discovery in northern Ontario.
The Financing will consist of
5,000,000 units (the “Units”) at
a price of $0.18 per Unit for gross proceeds of up
to $900,000. Each Unit will consist of one flow
through common share of the Company (a “Flow Through
Share”) and one-half of a non-flow through common share
purchase warrant (a “Warrant”), with each whole
Warrant entitling the holder to acquire one additional non-flow
through common share of the Company (a “Common
Share”) at an exercise price of $0.25 per
Common Share for a period of 18 months from the
closing date (“Closing Date”) of the Financing.
The Company may pay up to a 6% cash finder’s fee
to a party arm’s length to Company in connection with the
Financing.
VR will use the gross proceeds of the Financing
for mineral exploration on its Hecla-Kilmer property in northern
Ontario, and more specifically for a drill program planned for this
fall on its Hecla-Kilmer critical metals discovery in northern
Ontario. This is now considered delineation drilling at this stage.
The specific objective is to complete follow-up drill holes on the
247 metre intersection of 1.01 % TREO starting at surface in Hole
13 completed in May, and in two other areas located 1.5 and 2.5
kilometers to the south, respectively, with grades of up to 3.3%
TREO locally.
The follow up drill program is set to commence
three weeks from now, in early October. The camp site at Otter
Rapids is already in-place and ready, established for the Company’s
previous drill programs at Hecla-Kilmer, and largely unchanged
because of its ideal location with regard to rail, highway and grid
power infrastructure just 23 km to the east of the project (see
camp photograph from 2021 in Figure 1).
The Closing Date for the Financing is expected
to occur on or before September 23, 2022. The Financing is subject
to all regulatory approvals, including the approval of the TSX
Venture Exchange. The securities issued in connection with this
Financing will be subject to a four-month hold period from the
Closing Date.
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.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in critical metals, copper and
gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR seeks to create
value by recognizing the shift in global resource demand related to
the emergence of new, sustainable technologies in the transitioning
green economy. 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. VR owns its
properties outright and evaluates new opportunities on an ongoing
basis, whether by staking or acquisition.
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: |
604-262-1104 |
Contact: |
Mike Gunning 604-262-1104 |
|
|
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 and
that the Company will carry out exploration on its Ontario
property.
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
Figure 1. View south over VR’s exploration camp located at the
hydro – electric dam facility at Otter Rapids in northern Ontario.
The Hecla-Kilmer Critical Metals discovery is located approximately
23 km to the west, to the right of this photo. Photograph taken in
October, 2021; the camp will be used again for drilling planned in
October,
2022.https://www.globenewswire.com/NewsRoom/AttachmentNg/527d7620-da3f-49fc-ba61-b9e381056b98
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