Mr. Adriaan Bakker reports
VANADIUMCORP CLOSES $1 MILLION PRIVATE PLACEMENT
Vanadiumcorp Resource Inc. has closed the second and final tranche of its previously announced financing (see the news releases dated Dec. 31, 2020, and Jan. 5, 2021). The company issued an aggregate of 1,594,000 units at a price of 10 cents per unit for gross proceeds of $159,400 in the second tranche. Combined with the first tranche of 8.46 million units for gross proceeds of $840,600, which closed on Jan. 15, 2021, the company raised aggregate proceeds of $1-million in the private placement. The net proceeds of the private placement will be used for general working capital.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 15 cents for a period of 24 months from the date of closing. All securities issued pursuant to the second tranche of the private placement are subject to a statutory four-month hold period, ending on May 30, 2021, in accordance with applicable securities laws.
About Vanadiumcorp Resource Inc.
Vanadiumcorp Resource is an integrated green technology company with strategic vanadium mineral deposit assets. Vanadiumcorp is focused on commercializing disruptive technologies to: process mineral concentrates; produce and recycle vanadium electrolytes sustainably; and construct next-generation vanadium redox flow battery (VRFB) systems. VRFBs are 100-per-cent-green technologies from mine to battery when hydrometallurgical processes produce the vanadium source commodity.
Proven VRFB technologies improve renewable-energy efficiencies by storing temporary energy surpluses and feeding them back into the electrical grid, as required. Vanadiumcorp also wholly owns one of the largest and metallurgically favourable vanadium mineral deposits in the world, located in mining-friendly Quebec, Canada.
© 2021 Canjex Publishing Ltd. All rights reserved.