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VANCOUVER, British Columbia, May 10, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), is pleased to announce a non-brokered private placement for an aggregate of up to $1.3 million in support of it’s 2019 spring exploration budget.
The non-brokered private placement (“Financing”) will consist of up to 4,500,000 flow-through common shares (“FT Shares”) at a price of $0.15 per FT Share for gross proceeds of $675,000, [which has been fully subscribed] and up to 5,000,000 units at a price of $0.13 per unit for gross proceeds of $650,000. Each unit consists of one common share and one-half of a share purchase warrant with each whole warrant exercisable into a common share at $0.25 per warrant share expiring 18 months from closing.
The Company may pay a commission of 6% on select proceeds raised under the Financing, as cash.
Use of proceeds from the flow-through component will be used for the Ranoke property located in the Province of Ontario, for three separate low-cost but high impact geophysical and geochemical surveys planned for later this spring, as described in the recent news release on the Ranoke Property on April 9th, 2019. This work will refine drill targets already apparent from the compilation of regional government surveys and archived assessment reports which could be drill-tested later this year. The Ranoke property is large. It consists of 345 claims in one contiguous block covering 7,072 ha in an area 12 x 12 kilometres in size. It is 50 kilometres north of road access to Coral Rapids, and 15 kilometers from the CNR railway which supplies Moosonee located on tide water 100 kilometres to the northeast. The common share proceeds will be utilized for ongoing exploration expenditures on properties located in Nevada, property evaluations and for general administrative and corporate purposes.
Closing Date of the Financing is expected to occur on or before May 31, 2019 and 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 date of closing in accordance with applicable securities legislation.
The securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and all applicable state securities laws or compliance with an exemption from such registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About VR Resources
VR is an emerging junior exploration company focused on greenfields opportunities in copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy. VR owns its properties outright, and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Phone: 604-262-1104
Contact: Mike Gunning 604-262-1104
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Forward looking statements in this release, for example include but are not limited to: the general use of proceeds, that the Company will complete the financing; that the Company will carry out exploration of its properties in Nevada and Ontario.
Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in the securities of the Company should be considered highly speculative.
All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release