Nevada Vanadium Mining Corp. is a Canadian reporting issuer, holding 100% interest in the Gibellini Vanadium Project in Nevada, United States.
NEWS
Nevada Vanadium Mining Corp. Increases Private Placement Raise
Vancouver, British Columbia, April 29, 2024 – Nevada Vanadium Mining Corp. (“Nevada Vanadium” or the “Company”) is pleased to announce that, further to its news release dated April 3, 2024, it is increasing its proposed non-brokered private placement to raise gross proceeds from $72,000 to $420,000 through the sale of 7,000,000 units (the “Units”) at a price of $0.06 per Unit. Each Unit consists of one common share of the Company and one share purchase warrant (the “Warrant”) with each Warrant entitling the holder to purchase one additional common share of the Company at a price of $0.08 per share for a period of three years from closing (the “Private Placement”). As previously announced, the Company has closed one tranche of this Private Placement.
It is anticipated that Insiders of the Company will subscribe for 5,000,000 Units. The issuance of Units to Insiders will be considered related party transactions within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by Insiders will not exceed 25% of the fair market value of the Company’s market capitalization. The Company will file a material change report in respect of the related party transaction in connection with the closing of the Private Placement.
Proceeds of the Private Placement are expected to be used for project advancement, working capital and general corporate purposes.
The securities issued pursuant to the Private Placement will be subject to a regulatory four-month hold period.
Finder’s Fees may be payable on a portion of the Private Placement.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Nevada Vanadium Mining Corp.
Nevada Vanadium Mining Corp. is a reporting issuer in Canada, holding a 100% interest in the Gibellini vanadium project in Nevada, United States.
To find out more about Nevada Vanadium, visit www.nevadavanadium.com
NEVADA VANADIUM MINING CORP.
ON BEHALF OF THE BOARD
“Ron Espell”
CEO
For more information about Nevada Vanadium, please contact Investor Relations: info@nevadavanadium.com
Read more https://nevadavanadium.com
