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VR Resources says to complete a non-brokered private placement of up to 5,000,000 units at a price of $0.30 per unit for gross proceeds of up to $1,500,000

The company said it will use the gross proceeds of the financing for mineral exploration on its properties in Nevada and Ontario, and for general administrative costs

VR Resources Ltd -
In particular, VR Resources said the funds will allow it to advance the Reveille silver-copper property in Nevada to first-pass drilling in 2021, beginning this winter

VR Resources Ltd. (CVE:VRR) has said it intends to complete a non-brokered private placement of up to 5,000,000 units at a price of $0.30 per unit for gross proceeds of up to $1,500,000.

The company said it will use the gross proceeds of the financing for mineral exploration on its properties in Nevada and Ontario, and for general administrative costs. In particular, the funds will allow the company to advance the Reveille silver-copper property in Nevada to first-pass drilling in 2021, beginning this winter.

READ: VR Resources prepares to start drilling at its Reveille silver-copper project in Nevada

Each unit in the placement will consist of one common share of the company and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one additional VR common share at an exercise price of $0.45 each for a period of 18 months from the closing date of the financing.

The company said it may pay a commission in cash equal to 6% of the value of select proceeds raised under the financing, specifically excluding any funds raised from insiders.

Closing date of the financing is expected to occur on or around February 5, 2021, and is subject to all regulatory approvals including the approval of the TSX Venture Exchange. The securities issued in connection with the financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.

Contact the author at jon.hopkins@proactiveinvestors.com

 

Quick facts: VR Resources Ltd

Price: 0.35 CAD

TSX-V:VRR
Market: TSX-V
Market Cap: $27.04 m
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VR Resources prepares to start a two-stage winter drill program at Reveille...

VR Resources (CVE: VRR- OTCQB: VRRCF) CEO Michael Gunning joined Steve Darling from Proactive to share news the company is preparing to start their winter drill program at the Reveille silver-copper CRD property in Nevada. This program will be done in two stages. Gunning says the plan will be...

on 19/1/21

2 min read