VANCOUVER, British Columbia, April 10, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR) (OTCBB:VRRCF), the (Company), or (VR). In support of the recent acquisition at the Junction Cu-Ag Property, Nevada (see News Release 18-05; dated April 5, 2018), the Company is pleased to announce a non-brokered private placement in support of it’s 2018 exploration budget.
The non-brokered private placement (“Financing”) will consist of 2,595,925 units (“Units”) at a price of $0.27 per Unit for aggregate proceeds of $700,900. Each Unit will consist of one common share (“Common Share”) of the Company and one-half of a common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.40 per Common Share for a period of 24 months from the closing date (Closing Date) of the Financing.
The Company may pay a commission of 5% on select proceeds raised under the Financing, either as cash or as the percentage of Units sold in Common Shares.
Use of proceeds will be for mineral exploration on VR’s Nevada properties, in particular to expand exploration planned for its Junction property as a result of the recently acquired claims, and for general administrative and corporate purposes.
Closing Date of the Financing is expected to occur on or before April 17, 2018 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 Resources Ltd. (“VR”) is a new listing in the junior exploration space (TSX.V:VRR) (Frankfurt:5VR). 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, focused on three core assets at Bonita, Junction and Danbo properties. VR owns its exploration assets outright, and will evaluate 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
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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; or that VR will acquire new opportunities in the future.
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