Mr. Adriaan Bakker reports

VANADIUMCORP COMPLETES 1 TRANCHE OF PRIVATE PLACEMENT

Vanadiumcorp Resource Inc., further to its news release dated Dec. 16, 2019, has completed the first tranche of its non-brokered private placement. Pursuant to the first tranche, the company issued 12,307,731 flow-through common shares at a price of 6.5 cents for gross proceeds of $800,003.

The shares issued in connection with the first tranche are subject to a statutory hold period expiring on April 21, 2020. In connection with the first tranche, the company paid a total of $64,000 in cash as finders' fees.

The company is proceeding with the second tranche consisting of up to 10 million units at a price of five cents per unit. Proceeds from the placement will be utilized for advancing the 100-per-cent-owned Lac Dore vanadium project in Chibougamau, Que., for the XRG technology development in Germany and for general working capital.

About Vanadiumcorp Resource Inc.

Vanadiumcorp is an integrated company developing an exclusive supply chain for next-generation vanadium redox flow batteries.