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Vancouver, British Columbia – TheNewswire - May 29, 2024 – VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) ("VanadiumCorp" or the "Company") announces a non-brokered private placement financing (the "Financing") for aggregate gross proceeds of up to $600,000.
The Financing will consist of up to 15,000,000 $0.04 units (“Units”), each Unit consisting of 1 common share of the Company and 1 common share purchase warrant (the “Warrants”), each Warrant being exercisable for an additional common share at $0.06 for five (5) years.
The Financing is subject to TSX Venture Exchange approval and securities issued pursuant to the Financing will be subject to a four-month and a day hold period. Finders’ fees may be paid in accordance with TSX Venture Exchange policies.
The Company will use the net proceeds for general working capital and to advance the Company’s exploration and metallurgical testing on the Lac Doré mineral deposit near Chibougamau, Québec.
About VanadiumCorp Resource Inc.
VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB). The Company's initial manufacturing facility, Plant No. 1, is based in Val-des-Sources, Québec. The Company has also completed its engineering scoping of a 4 to 8 million litre per year electrolyte manufacturing facility (“Plant No. 2”) and is actively negotiating for the required funding and joint venture partnerships.
Stable, long-term access to vanadium feedstock to produce electrolytes is assured, success-contingent on developing our wholly owned flagship Lac Doré mineral deposit near Chibougamau, Québec. The Company's electrolyte plant will also be used to test the quality of future Lac Doré pilot plant outputs and to reprocess electrolytes.
On behalf VanadiumCorp Resource Inc.
Paul McGuigan, P. Geo.
CEO
pjm@vanadiumcorp.com
Company contact information:
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Suite 303 - 5455 West Boulevard |
3 rue de Boisé, |
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Email: info@vanadiumcorp.com Phone: +1.604.282.3097 |
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.
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