Dr. Michael Gunning reports
VR ANNOUNCES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT, AND COMMENCES PLANS FOR DRILL PROGRAM AT HECLA-KILMER IN OCTOBER
VR Resources Ltd. has arranged a non-brokered flow-through private placement in order to confirm funds for a drill program planned for next month on its Hecla-Kilmer critical metals discovery in Northern Ontario.
The Financing will consist of 5,000,000 units (the "Units") at a price of $0.18 per Unit for gross proceeds of up to $900,000. Each Unit will consist of one flow through common share of the Company (a "Flow Through Share") and one-half of a non-flow through common share purchase warrant (a "Warrant"), with each whole Warrant entitling the holder to acquire one additional non-flow through common share of the Company (a "Common Share") at an exercise price of $0.25 per Common Share for a period of 18 months from the closing date ("Closing Date") of the Financing. The Company may pay up to a 6% cash finder's fee to a party arm's length to Company in connection with the Financing.
VR will use the gross proceeds of the Financing for mineral exploration on its Hecla-Kilmer property in northern Ontario, and more specifically for a drill program planned for this fall on its Hecla-Kilmer critical metals discovery in northern Ontario. This is now considered delineation drilling at this stage. The specific objective is to complete follow-up drill holes on the 247 metre intersection of 1.01 % TREO starting at surface in Hole 13 completed in May, and in two other areas located 1.5 and 2.5 kilometers to the south, respectively, with grades of up to 3.3% TREO locally.
The follow up drill program is set to commence three weeks from now, in early October. The camp site at Otter Rapids is already in-place and ready, established for the Company's previous drill programs at Hecla-Kilmer, and largely unchanged because of its ideal location with regard to rail, highway and grid power infrastructure just 23 km to the east of the project (see camp photograph from 2021 in Figure 1).
The Closing Date for the Financing is expected to occur on or before September 23, 2022. The Financing is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. The securities issued in connection with this Financing will be subject to a four-month hold period from the Closing Date.
About VR Resources
VR is an established junior exploration company focused on greenfields opportunities in critical metals, copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR seeks to create value by recognizing the shift in global resource demand related to the emergence of new, sustainable technologies in the transitioning green economy. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private company. The diverse experience and proven track record of its Board in early-stage exploration, discovery and M&A is the foundation of VR. The Company focuses on underexplored, large-footprint mineral systems in the western United States and Canada. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
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