Mr. Paul Cowley reports
FIRST VANADIUM ANNOUNCES INSIDER PARTICIPATION IN PRIVATE PLACEMENT
Certain directors, officers and close associates of First Vanadium Corp. have collectively sold 908,000 shares of the company through the facilities of the TSX Venture Exchange and will use the net proceeds of the sales to subscribe in the non-brokered private placement financing announced in the company's news release dated May 21, 2019.
The subscription of units to insiders pursuant to the private placement is considered to be a related party transaction subject to Multilateral Instrument 61-101. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.
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 Highway I-80. The Carlin vanadium project hosts the Carlin vanadium deposit, which is flat to shallow dipping and at shallow depths with a strike length of approximately 1,800 metres, a width averaging 600 metres and a thickness ranging from 15 metres to 50 metres.
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