VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) announced Thursday that it has raised C$650,000 in the first tranche of a non-brokered private placement to further the company's Ranoke property, a recently acquired large-scale copper-gold target in northern Ontario.
The Ranoke property is notable for its size and lack of previous exploration. The property consists of 345 claims in a single contiguous block covering over 7,000 hectares, and very near to the CNR railway that supplies the town of Moosonee, Ontario.
According to the firm, the placement consisted of 4.3 million flow-through common shares at a price of C$0.15 per share, for gross proceeds of C$650,000. Flow-through shares are a unique financing vehicle for junior mining companies in Canada, giving investors tax incentives for funding resource exploration.
Funds will go towards three separate geophysical and geochemical surveys planned for later this spring at the Ranoke property, which will help the company refine drill targets.
The company said securities issues are subject to a four-month hold period under Canadian securities law.
Shares of VR Resources were at C$0.12 on Thursday.
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