03:29:00 EDT Wed 02 Jul 2025
Enter Symbol
or Name
USA
CA



VR Resources Ltd
Symbol VRR
Shares Issued 125,043,467
Close 2024-12-19 C$ 0.06
Market Cap C$ 7,502,608
Recent Sedar Documents

VR Resources arranges $400,000 private placement

2024-12-19 20:50 ET - News Release

Mr. Justin Daley reports

VR RESOURCES ARRANGES FLOW THROUGH PRIVATE PLACEMENT OF $400K FOR DRILLING AT SILVERBACK AND EMPIRE IN 2025

VR Resources Ltd. has arranged a flow-through financing of $400,000.

The company plans to direct the funds immediately toward drilling planned for January on its copper-nickel-PGE (platinum group element) and copper-gold properties in Northwestern Ontario, namely the new chargeability anomaly at Silverback and follow-up drilling to the recently completed phase 1 drill program at Westwood on the Empire project.

The flow-through (FT) financing will consist of up to eight million units at a price of five cents per FT unit for gross proceeds of up to $400,000. Each FT unit will consist of one flow-through common share of the company and one-half of one non-flow-through common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of eight cents per share for a period of 18 months from the closing date.

The closing date for the financing is expected to be on or before Dec. 31, 2024, and is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with this financing will be subject to a four-month-and-one-day hold period from the closing date in accordance with applicable securities legislation.

Red Cloud Securities Inc. is acting as a finder in connection with the non-brokered private placement. The finders' fee will consist of 6 per cent in cash on the total financing and an additional 6 per cent in compensation warrants associated with the financing. The compensation warrants will permit the purchase of one common share in the capital of the company at a price of five cents per common share for a period of 18 months from closing of the offering.

Use of proceeds

The gross proceeds from the sale of the FT units will be used by the company to incur eligible Canadian exploration expenses that will qualify as critical metals flow-through mining expenditures, as such terms are defined in the Income Tax Act (Canada), and are related to the company's mineral exploration projects in Ontario, Canada, on or before Dec. 31, 2025, and the company will renounce all qualifying expenditures in favour of such subscribers to the financing effective Dec. 31, 2024.

About VR Resources Ltd.

VR is an established junior exploration company based in Vancouver. VR evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, U.S., and Ontario, Canada, and more recently, Canada's newest discovery of a diamond-bearing kimberlite pipe at its Northway project. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven record of its board in early-stage exploration, discovery, and mergers and acquisitions. The company is financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by staking or acquisition.

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