VANCOUVER, BC, Jan. 5, 2021 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: VRB) (the "Company") is pleased to announce that the Company has increased the size of its previously announced private placement (see press release dated December 31, 2020) to 10 million units ("Units") at a price of C$0.10 per Unit for total gross proceeds of C$1 million (the "Private Placement").
Each Unit is comprised of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share for a period of two years at an exercise price of C$0.15.
All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. Proceeds from the placement will be utilized for general working capital.
The private placement is subject to approval by the TSX Venture Exchange.
VanadiumCorp Resource Inc. is an integrated green technology company with strategic vanadium mining assets focused on commercializing disruptive technologies to both recover vanadium electrolytes sustainably and harness the further environmental benefit of their perpetual use in next generation vanadium redox flow battery "VRFB" systems. The environmental friendliness of proven VRFB technologies compliment and upgrade the increasing efficiencies of renewable energy. VRFBs represent the most sustainable energy storage option to facilitate replacing fossil fuels in many applications and ability to feed energy surpluses back into the grid at times when the performance of renewable energy sources are low or energy is cost prohibitive. VanadiumCorp also wholly owns one of the largest and metallurgically favorable vanadium resource base in the world located in mining friendly Quebec, Canada.
On behalf of the board of VanadiumCorp:
Adriaan Bakker
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
