Mr. Adriaan Bakker reports
VANADIUMCORP ARRANGES $1.3 MILLION PRIVATE PLACEMENT
Vanadiumcorp Resource Inc. has arranged a non-brokered private placement of up to 12,307,692 flow-through common shares at a price of 6.5 cents per share for a total of up to $800,000 and of up to 10 million non-flow-through units at a price of five cents for gross proceeds of up to $500,000. Each non-flow-through unit will consist of one common share of the company and one share purchase warrant. Each share purchase warrant can be exercised at a price of 10 cents for a period of 24 months from the date of closing in exchange for one common share of the company. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. Proceeds from the placement will be utilized for advancing the 100-per-cent-owned Lac Dore vanadium project in Chibougamau, Que., Canada, for the XRG technology development in Germany and for general working capital.
The private placement is subject to approval by the TSX Venture Exchange. The company may pay finders' fees in connection with the private placement in accordance with the policies of the TSX Venture Exchange.
Vanadiumcorp Resource is focused on developing a dedicated supply chain for vanadium-based energy storage technology with the lowest cost and carbon footprint possible. The company wholly owns XRG technology, a resource base in mining-friendly Quebec, Canada, and jointly owned process technology that recovers vanadium sustainably and efficiently. Drill results and a mineral resource statement are pending on the company's flagship Lac Dore vanadium project near Chibougamau, and the company has recently signed an acquisition and offtake agreement on the Iron-T vanadium project near the Glencore mine in Matagami.
XRG is next-generation energy storage technology powered by its own supply chain.
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