- Victory Battery Metals (VR) has closed the third tranche of its private placement
- Under the third tranche, the company issued 8,607,500 units for gross proceeds of $688,600
- VR paid fees of $2,560 and issued 32,000 broker warrants to qualified finders under the third tranche
- Net proceeds will be used for working capital requirements and other general corporate purposes
- Victory Battery Metals is a Canadian mineral exploration company
- Victory Battery Metals (VR) is up 6.25 per cent, trading at $0.085 per share as of 11:45 a.m. EST
Victory Battery Metals (VR) has closed the third tranche of its private placement for gross proceeds of $688,600.
Under the third tranche, the company issued 8,607,500 units at $0.08 per unit. Under the second tranche, the company issued 4,550,000 units for gross proceeds of $364,000. Under the first tranche, VR issued 5,600,000 units for gross proceeds of $448,000.
Concurrent capital raises
Previously, VR announced a private placement financing of up to 12.5 million units for total proceeds of up to $1 million. A concurrent placement of 6.66 million flow-through units for an extra $1 million was also announced.
Under the terms of the financing, each unit is made up of one common share and one common share purchase warrant exercisable at $0.12 for a two-year period, subject to an acceleration clause.
Likewise, each flow-through unit consists of one VR common share and one flow-through warrant, which can be exercised within the same two-year period for $0.15 per unit.
The company intends to use the net proceeds for working capital requirements and other general corporate purposes. The proceeds from the flow-through units will be used for exploration work.
Victory Battery Metals (VR) is up 6.25 per cent, trading at $0.085 per share as of 11:45 a.m. EST.