VanadiumCorp Resource Inc. (TSXV:VRB) (the “Company”) is pleased to announce that further to its news release dated October 21, 2019, it has completed the first tranche of its non-brokered private placement. Pursuant to the first tranche, the Company issued 12,138,461 flow-through common shares at a price of $0.065 for gross proceeds of $789,000. Proceeds will be utilized for advancing the 100% owned Lac Dore Vanadium Project in Chibougamau, Quebec, Canada and for general working capital.
The shares issued are subject to resale restrictions expiring on February 24, 2020. In connection with the first tranche, the Company paid a total of $63,120 in cash as finder’s fees.
The Company is proceeding with the second tranche consisting of 7,000,000 units at a price of $0.05 per unit.
VanadiumCorp Resource Inc. is an integrated technology and mining company focused on developing the exclusive supply chain for vanadium based energy storage and emerging technologies that utilize vanadium. VanadiumCorp is focused on commercializing the most efficient and sustainable recovery method to produce vanadium with jointly developed process technology. VanadiumCorp also holds a significant vanadiumtitanium-iron bearing resource base in mining friendly Quebec, Canada including the 100% owned Lac Dore Project adjacent to Blackrock Metals Inc. and the 100% owned Iron-T Project near the Glencore (BracemacMcLeod) Matagami Copper-Zinc Mine.
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