Mr. Adriaan Bakker reports
VANADIUMCORP COMPLETES 2ND TRANCHE OF PRIVATE PLACEMENT
Vanadiumcorp Resource Inc., further to its news release dated Dec. 16, 2019, and Dec. 24, 2019, has completed the second tranche of its non-brokered private placement. Pursuant to the second tranche, the company issued 1.99 million units at a price of five cents for gross proceeds of $99,500. Each unit comprises one common share and one non-transferable warrant. Each warrant is exercisable into one common share of the company at an exercise price of seven cents per share for a period of 24 months from the date of issuance.
The shares issued in connection with the second tranche are subject to a statutory hold period expiring on May 31, 2020.
Proceeds from the placement will be used 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.
Vanadiumcorp Resource is an integrated company developing an exclusive supply chain for next-generation vanadium redox flow batteries.
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