Mr. Adriaan Bakker reports
VANADIUMCORP CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT
Vanadiumcorp Resource Inc. has completed the second and final tranche of its previously announced non-brokered private placement. In connection with the second tranche, the company issued 5.7 million non-flow-through
units at a price of five cents per unit for gross proceeds of $285,000. Pursuant to the first tranche closing (see news release
dated Oct. 25, 2019), the company issued 12,138,461 flow-through common shares at a price of 6.5 cents per share for
gross proceeds of $789,000 and, combined with the second and final tranche closing, the company has raised aggregate
gross proceeds of $1,074,000.
Each unit comprised one common share of the company and one share purchase warrant. Each warrant entitles the
holder to acquire one common share of the company a price of seven cents per share for a period of 24 months from the date
Proceeds from the private placement will be utilized for advancing the 100-per-cent-owned Lac Dore vanadium project in
Chibougamau, Que., Canada, and for general working capital.
No finders' fees will be paid in connection with the second tranche of the private placement. The shares issued in connection
with the second tranche are subject to resale restrictions expiring on March 19, 2020, in accordance with applicable
About Vanadiumcorp Resource Inc.
Vanadiumcorp is an integrated company developing an exclusive supply chain for next-generation
vanadium redox flow batteries. The company has jointly developed process technology that mitigates the cost and
carbon footprint of vanadium which is successfully tested on many global feedstocks.
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