Mr. Paul McGuigan reports

VANADIUMCORP FILES TO CLOSE A NON-BROKERED PRIVATE PLACEMENT FINANCING

Vanadiumcorp Resource Inc. has filed documents with the TSX Venture Exchange for approval to close its non-brokered private placement financing.

On receipt of final approval from the TSX-V, the company will issue 8,675,000 10-cent flow-through units (the FT units) and 4,557,500 eight-cent non-flow-through units (the NFT units) for aggregate gross proceeds of $1,232,100.

Each FT unit consists of one flow-through common share of the company and one non-flow-through common share purchase warrant, with each FT warrant exercisable to purchase one non-flow-through common share of the company for 14 cents for two years from the date of issue.

Each NFT unit consists of one common share of the company and one common share purchase warrant, with each warrant exercisable to purchase one common share of the company for 12 cents for two years from the date of issue.

Subject to TSX-V approval, cash finders' fees in the amount of $84,600 will be paid; and 70,000 broker warrants, exercisable at 12 cents for two years, and 672,000 broker warrants, exercisable at 14 cents for two years, will be issued.

The financing was effected with one insider, subscribing for $80,000 or one million NFT units, and that portion of the financing is a related party transaction as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25 per cent of the company's market capitalization.

All securities issued pursuant to the financing are subject to a four-month hold from the date of issue.

Net proceeds from the financing will be used for exploration and metallurgical testing on the company's wholly owned mineral properties and general corporate purposes.

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration vanadium redox flow batteries (VRFB). The company's initial manufacturing facility is based in Val-des-Sources, Que. Stable, long-term access to vanadium feedstock for the production of electrolytes is assured, success contingent on developing the company's wholly owned vanadium-titanium-iron mineral deposits, including its flagship Lac Dore deposit near Chibougamau, Que. The company's electrolyte plant will also be used to test the quality of future Lac Dore pilot plant outputs and to reprocess electrolytes.

We seek Safe Harbor.