- VR Resources, a Canadian diamond miner, seeks to raise up to $800,000 through a non-brokered private placement
- Proceeds will fund the completion of an additional drill hole later this month at the large kimberlite breccia complex discovered at its Northway property in northern Ontario
- The drill hole will increase the amount of drill core available for an initial micro-diamond evaluation at Northway
- VR Resources is an established North American junior exploration company focused on gold, silver, critical metals, copper and diamonds
- VR Resources (TSXV:VRR) last traded at $0.22 per share
VR Resources, a Canadian diamond miner, seeks to raise up to $800,000 through a non-brokered private placement.
Proceeds will fund the completion of an additional drill hole later this month at the large kimberlite breccia complex discovered at its Northway property in northern Ontario. The 100-per-cent owned property hosts numerous magnetic anomalies and is approximately 12 km northeast of the company’s REE critical metal discovery at its Hecla-Kilmer project.
The drill hole will increase the amount of drill core available for an initial micro-diamond evaluation of the kimberlite at Northway.
The financing includes one flow-through subscription and one hard-dollar subscription by two institutional investors, both current core shareholders in VR.
The flow-through component consists of up to 2,051,282 units (FT units) priced at $0.195 for gross proceeds of up to $400,000.
Each FT unit consists of one flow-through common share and one-half of a common share purchase warrant.
Each whole warrant entitles the holder to acquire one common share for $0.25 for 36 months from the closing date.
The hard-dollar component will consist of up to 2,222,222 units priced at $0.18 for gross proceeds of up to $400,000.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to acquire one common share for $0.25 for 36 months from the closing date.
The placement is expected to close by June 30th, 2023, and is subject to the approval of the TSXV.
All securities issued will be subject to a hold period of four months plus one day.
VR Resources is an established North American junior exploration company focused on gold, silver, critical metals, copper and diamonds.
VR Resources (TSXV:VRR) last traded at $0.22 per share.
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