Mr. Adriaan Bakker reports

VANADIUMCORP COMPLETES 1ST TRANCHE OF PRIVATE PLACEMENT

Further to the news release dated Oct. 21, 2019, Vanadiumcorp Resource Inc. has completed the first tranche of its non-brokered private placement. Pursuant to the first tranche, the company issued 12,138,461 flow-through common shares at a price of 6.5 cents for gross proceeds of $789,000. Proceeds will be utilized for advancing the 100-per-cent-owned Lac Dore vanadium project in Chibougamau, Que., Canada, and for general working capital.

The shares issued are subject to resale restrictions expiring on Feb. 24, 2020. In connection with the first tranche, the company paid a total of $63,120 in cash as finders' fees.

The company is proceeding with the second tranche consisting of seven million units at a price of five cents per unit.

Vanadiumcorp Resource is an integrated technology and mining company focused on developing the exclusive supply chain for vanadium-based energy storage and emerging technologies that utilize vanadium. Vanadiumcorp is focused on commercializing the most efficient and sustainable recovery method to produce vanadium with jointly developed process technology.