VR Resources Closes Second Tranche of Its Private Placement
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
VANCOUVER, British Columbia, June 27, 2019 -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF) (the “Company” or “VR”) is pleased to announce that it has closed the second tranche and final tranche of the non-brokered private placement detailed in a news releases dated May 10, 2019 and May 16, 2019.
Upon closing of the second tranche of the private placement, the Company issued 1,715,385 units at a price of $0.13 per unit and 70,000 flow-through common shares at a price of $0.15 for gross proceeds of $233,500. The Company issued 857,692 share purchase warrants with each whole warrant exercisable into a common share at $0.25 for eighteen months from the date of issuance of the Warrant.
Aggregate gross proceeds from the private placement is $883,500 from the issuance of 6,118,719 common shares. The securities that were issued are subject to a four month hold from the closing date. In connection with the second tranche closing, the Company paid finders fees of $6,259.50.
The common share proceeds will be utilized for ongoing exploration expenditures on properties located in Nevada, property evaluations, and for general administrative and corporate purposes. Use of proceeds from the previously announced flow-through tranche will be for exploration of the Ranoke property located in the Province of Ontario.
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
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
For general information please use the following:
|Phone:||Michael Gunning 604-262-1104|
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 Company plans to carry out exploration on its Ranoke property.
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