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.
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.
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