Mr. Adriaan Bakker reports
VANADIUMCORP CLOSES FIRST TRANCHE OF $1 MILLION PRIVATE PLACEMENT
Vanadiumcorp Resource Inc. has closed its previously announced financing (see the news releases dated Dec. 31, 2020, and Jan. 5, 2021), and raised $858,000 through the issuance of 8.58 million units at a price of 10 cents per unit. The net proceeds of the private placement will be used for general working capital.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 15 cents per common share for a period of 24 months from the date of closing. All securities issued pursuant to the private placement are subject to a statutory four-month hold period in accordance with applicable securities laws.
About Vanadiumcorp Resource Inc.
Vanadiumcorp is an integrated green technology company with strategic vanadium mineral deposit assets. Vanadiumcorp is focused on commercializing disruptive technologies to process mineral concentrates, produce and recycle vanadium electrolytes sustainably, and construct next-generation vanadium redox flow-battery (VRFB) systems. VRFBs are 100-per-cent-green technology from mine to battery when hydrometallurgical processes produce the vanadium source commodity.
Proven VRFB technologies improve renewable energy efficiencies by storing temporary energy surpluses and feeding them back into the electrical grid as required. Vanadiumcorp also wholly owns one of the largest and metallurgically favourable vanadium mineral deposits in the world, located in mining-friendly Quebec, Canada.
© 2021 Canjex Publishing Ltd. All rights reserved.