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VR Resources to raise over C$1M to advance mineral exploration in Nevada and Ontario

The Vancouver-based junior recently doubled the size of the Amsel property on the firm’s Big Ten gold project in Nevada

canadian dollar gold bars
VR Resources is working on the Big Ten and Ranoke projects in North America

VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) announced Thursday that it is raising over C$1 million for exploration on its properties in Nevada and Ontario. 

The Vancouver-based junior recently doubled the size of its Amsel property on the firm’s Big Ten gold project in Nevada. 

It also identified a large gravity anomaly at the Ranoke copper-gold project in Ontario.

READ: VR Resources encouraged by new soil anomaly at Amsel on its Big Ten, Nevada gold project

Under the terms of the offering, VR Resources plans to issue up to 1 million units priced at C$0.30 and nearly 2 million flow-through shares at C$0.38 for total proceeds of C$1.05 million.

Each unit will consist of one share and one-half of one warrant exercisable at C$0.50 for an 18-month period following the closing date.

Flow-through shares are a unique financing incentive for Canadian investors to participate in junior mining capital raises in exchange for tax breaks.

VR Resources will pay a commission of 6% cash and 6% warrants on select proceeds raised under the financing. Closing of the financing is expected to occur by November 1, 2019.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: VR Resources Ltd

Price: 0.275 CAD

TSX-V:VRR
Market: TSX-V
Market Cap: $16.29 m
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VR Resources sees great untapped opportunity at Big Ten project in Nevada

VR Resources (CVE:VRR-OTC: VRRCF) President and CEO Michael Gunning sat down with Steve Darling from Proactive Vancouver to discuss the latest geo testing done on their Big Ten property in Nevada. Gunning shared some photos that illustrate why he is excited at the exploration opportunities of...

on 3/10/19

2 min read