Mr. Adriaan Bakker reports
VANADIUMCORP ARRANGES $1.15 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 seven million non-flow-through units at a price of five cents for gross proceeds of up to $350,000. Each 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 seven cents for a period of 24 months from the date of closing in exchange for one common share in 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 used for advancing the 100-per-cent-owned Lac Dore vanadium project in Chibougamau, Que., Canada, 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 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. Vanadiumcorp also holds a significant vanadium-titanium-iron-bearing resource base in mining-friendly Quebec.
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