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VR Resources lifts previously announced financing to up to C$2.2M to fund exploration

On May 25 this year, the junior explorer announced a private placing of C$1.34 million consisting of up to 5 million units priced at C$0.22 each

VR Resources Ltd -
The offering will now consist of up to around 8.7 million units at C$0.22 each

VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) told investors Tuesday it has increased its previously announced financing to fund exploration in Nevada and Ontario to up to C$2.2 million.

On May 25 this year, the junior explorer announced a private placing of C$1.34 million consisting of up to 5 million units priced at C$0.22 each.

READ: VR Resources looks to bolster blue sky potential at Ranoke and Big Ten properties by adding greenfield exploration 

The offering will now consist of up to around 8.7 million units at C$0.22 each. Each unit consists of one share and one-half of a share purchase warrant, the Vancouver-headquartered group said in a brief statement.

Each whole warrant allows the holder to buy one additional share for C$0.35 for 18 months from the closing of the offering and up to 1,291,667 flow-through common shares at C$0.24 each for total gross proceeds of up to C$2,229,607.

The closing date of the financing is expected to be on or around June 12 this year, and all securities issued will be subject to a four-month hold period from the date of closing, the firm added.

In late May, VR said it was evaluating new opportunities that would strengthen exploration strategies at its Ranoke and Big Ten projects.

The firm revealed it has signed two letters of intent with the potential to fortify its existing exploration at Ranoke, a copper-gold property in Ontario, and Big Ten, a gold project in Nevada.

The company said both opportunities relate to greenfields exploration on large-footprint systems that have not seen modern, systematic exploration and drilling.

Contact the author at [email protected]

Quick facts: VR Resources Ltd

Price: 0.37 CAD

TSX-V:VRR
Market: TSX-V
Market Cap: $26.28 m
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