- VR Resources (VRR) has closed two tranches of its previously-announced flow-through and hard dollar financings
- A third and final closing is expected in the week of October 4
- VR Resources had earlier closed the first tranche, which consisted of 3,381,667 units at a price of $0.18 per unit for total gross proceeds of $608,700
- In addition, the company confirmed an award of $200,000 from the Ontario Government in Year Two of its OJEP critical metals grant program
- The company is mobilizing for the fall drill program at the Hecla-Kilmer critical metals discovery in northern Ontario in the first week of October
- VR Resources Ltd. was down 6.667 per cent, trading at $0.14 at 11:30 AM ET
VR Resources (VRR) has closed the two tranches of its previously-announced flow-through and hard dollar financings.
The company plans to close the offer during the week of October 4, in concert with the planned start-up of the fall drill program at the company’s discovery of high-grade REE mineralization on its Hecla-Kilmer property in northern Ontario.
VR Resources had earlier closed the first tranche, which consisted of 3,381,667 units at a price of $0.18 per unit for total gross proceeds of $608,700.
Then it closed the second tranche of the private placement, which consisted of 1,973,500 units at a price of $0.16 per unit for total gross proceeds of $315,760;
In addition, the company confirmed an award of $200,000 from the Ontario Government in Year Two of its OJEP critical metals grant program.
The company is mobilizing for the fall drill program at the Hecla-Kilmer critical metals discovery in northern Ontario. Drilling is expected to commence during the week of October 4th and run for approximately four weeks.
VR plans to use the net proceeds of the financing for its mineral exploration business, including active exploration on various mineral properties held in Ontario, Canada, and Nevada, USA.
Furthermore, the company has approved the allocation of 1,325,000 incentive stock options at a price of $0.16 and exercisable for a period of five years to various directors, officers and employees of the Company, and in accordance with the terms of the Company’s Stock Option Plan.
VR Resources Ltd. is an established junior exploration company focused on greenfields opportunities in critical metals, copper and gold.
VR Resources Ltd. was down 6.667 per cent, trading at $0.14 at 11:30 AM ET.
