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VANADIUMCORP Files For Conditional Approval of $4 Million Financing

Vancouver, British Columbia – TheNewswire – September 19, 2022 – VanadiumCorp Resources Inc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the “Company”) is…

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Vancouver, British Columbia – TheNewswire – September 19, 2022 – VanadiumCorp Resources Inc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the “Company”) is pleased to announce it has filed documents seeking Conditional Approval of its four ($4) million private placement financing (the “Financing”) previously announced July 30, 2022.

 

The Company has also filed for approval to close the first tranche of the Financing for aggregate gross proceeds of $1,315,200.  On receipt of the TSX Venture Exchange (“Exchange”) approval to close this first tranche, the Company will issue 4,793,333 $0.12 flow-through units (the “FT Units”) and 7,400,000 $0.10 non-flow-through units (NFT Units).

 

Each FT Unit consists of one (1) flow-through common share of the Company and one (1) non-flow through common share purchase warrant (the “NFT Warrant”) with each NFT Warrant exercisable to purchase an additional non-flow-through common share of the Company for $0.18 for 24 months from the date of issue.

 

Each NFT Unit consists of one (1) common share of the Company and one (1) common share purchase warrant (the “Warrants”) with each Warrant exercisable to purchase an additional common share of the Company for $0.18 for 24 months from the date of issue.

 

Subject to Exchange approval, cash finders’ fees in the amount of $41,112 will be paid and 353,600 broker warrants will be issued.

 

The first tranche of the Financing was effected with 3 insiders, subscribing for a total of $410,000 or 4,100,000 NFT Units, that portion of the Financing a “related party transaction” as such term is defined under MI 61-101 – Protection of Minority Security Holders in Special Transactions.  The Company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company’s market capitalization.  

 

All securities issued pursuant to the Financing will be subject to a four month hold.

 

Net proceeds from the Financing will be used for exploration and metallurgical testing on the Company’s wholly-owned mineral properties and general corporate purposes.

 

About VanadiumCorp

 

VanadiumCorp Resource Inc. is a mineral exploration company located in Vancouver, Canada, with 100% ownership of two strategic vanadium, titanium, and iron properties in Quebec. The Iron T is near Matagami, and the Company’s flagship Lac Dore property is near Chibougamau. A current technical report (Longridge, 2020) on the Lac Dore deposit describes Measured and Indicated Mineral Resources of 215 million tonnes containing 53 million tonnes of recoverable titanomagnetite. The titanomagnetite concentrate is estimated to have 1.49 billion pounds of V2O5 (not factored for recoveries from titanomagnetite).

   

VanadiumCorp also owns 100% of the newly patented hydrometallurgical process, VEPT (the “VanadiumCorp, Electrochem, Process Technology”), invented by Dr. Francois Cardarelli, that consists of digesting vanadiferous feedstocks into concentrated sulfuric acid. The technology addresses the recovery of vanadium, titanium, ferrous sulphate, and silica products from mineral concentrate feedstocks, such as titanomagnetite. The VEPT process is also valid for recovering vanadium from industrial residues, such as fly-ash from powerplants and slags from oxygen blast furnaces (BOF-slags). Dr. Cardarelli’s sulphuric acid process is novel because it adapts a proven and widely used sulphuric acid process to the extraction of valuable metals from titanomagnetite and industrial residues.

ON BEHALF OF THE BOARD OF VANADIUMCORP RESOURCE INC.

 

John Hewlett

 

Director

 

Website: www.vanadiumcorp.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT.

 

Copyright (c) 2022 TheNewswire – All rights reserved.

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Xtierra Inc. Enters Into Acquisition Agreement for a Royalty Stream

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NZC-TSXNORZF-OTCQB
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