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File: Attachment 2019-12-16 Private Placement-1.3M.docx






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VANADIUMCORP ARRANGES $1.3 MILLION PRIVATE PLACEMENT

VANCOUVER, BRITISH COLUMBIA, December 16, 2019 - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") has arrange
--->d a non-brokered private placement of up to 12,307,692 flow-through common shares at a price of $0.065 cents per share
---> for a total of up to $800,000 and of up to 10,000,000 non flow-through units at a price of $0.05 cents for gross proc
--->eeds of up to $500,000. Each unit of the non flow through will consist of one common share of the Company and one shar
--->e purchase warrant. Each share purchase warrant can be exercised at a price of $0.10 for a period of 24 months from th
--->e date of closing in exchange for one common share in Company.  All securities issued pursuant to the placement will b
--->e subject to a hold period of four months and one day from the date of closing. Proceeds from the placement will be ut
--->ilized for advancing the 100% owned Lac Dore Vanadium Project in Chibougamau, Quebec, Canada, XRGtrademark 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 connecti
--->on with the private placement in accordance with the policies of the TSX Venture Exchange.  
VanadiumCorp Resource Inc. is focused on developing a dedicated supply chain for vanadium based energy storage technol
--->ogy with the lowest cost and carbon footprint possible. The Company wholly owns XRGtrademark technology, a resource ba
--->se in mining friendly Quebec, Canada and jointly owned process technology that recovers vanadium sustainably and effic
--->iently. 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 Proj
--->ect near the Glencore Mine in Matagami.
XRGtrademark is next generation energy storage technology powered by its own supply chain. Components are both manufac
--->tured sustainably and are 100% reusable & recyclable. With the lowest cost and carbon footprint, XRGtrademark intends 
--->to revolutionize energy projects, renewable energy and entire power grids. The facility for planned production is loca
--->ted in Rastatt near Karlsruhe, Germany and construction is nearing completion. Partnerships locally will provide furth
--->er product evolution. XRGtrademark is a VanadiumCorp GmbH technology. More information is available at www.xrg.com.
On behalf of the board of VanadiumCorp:
Adriaan Bakker 
President and Chief Executive Officer
For more information:
Adriaan Bakker, 
President and CEO, VanadiumCorp Resource Inc. 
(TSX-V: "VRB")
By phone: 1-604-385-4489
By email: ab@vanadiumcorp.com
Website: www.vanadiumcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.