Mr. Paul Cowley reports
FIRST VANADIUM ANNOUNCES PRIVATE PLACEMENT OF UP TO $1,000,000
First Vanadium Corp. has arranged a non-brokered private placement of up to 2.5 million units at a price of 40 cents per unit for gross proceeds of up to $1-million. Each unit comprises one common share and one warrant. Each warrant will be exercisable into one common share for a period of three years at an exercise price of 65 cents per share.
The proceeds of the private placement will be used to carry out technical work on the company's Carlin vanadium project and for general working capital. The company may pay a finder's fee of cash, shares or finders' warrants to eligible persons, in compliance with applicable securities laws and exchange policies. The company will make provision for an overallotment option to allow a purchase of up to 20 per cent additional units beyond the number of units in this offering. This financing is subject to TSX Venture Exchange approval.
About First Vanadium Corp.
First Vanadium has an option to earn a 100-per-cent interest in the Carlin vanadium project, located in Elko county, six miles south from the town of Carlin, Nev., on Interstate 80. The Carlin vanadium project hosts the Carlin vanadium deposit, which is flat to shallow dipping and at shallow depths with strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres. The company announced its maiden resource Feb. 27, 2019.
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