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VANCOUVER, British Columbia, Oct. 25, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF) (the “Company” or “VR”) is pleased to announce that it has closed the second tranche and final tranche of the non-brokered private placement detailed in news releases dated October 16 and October 21, 2019.
For the second tranche of the private placement, the Company issued 1,523,333 units at a price of $0.30 for gross proceeds of $457,000. The Company issued 761,666 share purchase warrants with each whole warrant exercisable into a common share at $0.50 for eighteen months from the date of issuance of the Warrant. The Company paid finders fees of $24,900 and issued 83,000 warrants exercisable at $0.50 per share for a period of eighteen months from the closing date.
Aggregate gross proceeds from the private placement is $1,217,000 from the issuance of 3,523,331 common shares. All securities that were issued are subject to a four month hold from the closing date.
The common share proceeds will be utilized for ongoing exploration expenditures on the Company’s various mineral properties, the evaluation of new opportunities and for general administrative and corporate purposes. Use of proceeds from the previously announced flow-through tranche will be for exploration of the Ranoke property located in the Province of Ontario.
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 large, underexplored copper-gold mineral systems in the western United States and Canada (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). It is the continuance of 4 years of exploration in Nevada by a private exploration company, built on the foundation of the diverse experience and proven track record of its Board in early-stage mineral exploration, discovery and M&A. 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:|
|Phone:||Michael 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 Company plans to carry out exploration on its properties, carry out property evaluations and to cover administrative expenditures.
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