| Date: Dec 20, 2017 |
| Vanadium One Energy Corp. (the “Company”) (TSXV:VONE, FRANKFURT:9VR1), is pleased to announce it has completed a non-brokered private placement financing (the “Financing”). Pursuant to the Financing, the Company issued 4,636,454 “flow-through” common shares of the Company at a price of $0.11 per share for proceeds to the Company of $510,009.94. The $0.11 issue price is at a 47% premium to the current market price for the Company’s shares. The Company intends to use the proceeds from the private placement for exploration on certain properties in Quebec and British Columbia.
All securities issued in connection with the Financing are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. A portion of the Financing constitutes a “related party transaction” under Multilateral Instrument 61-101 (“MI 61-101”) as a director of the Company participated in the Financing. The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the closing of the Financing as the details of the participation of the related parties of the Company had not been confirmed at that time. |
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