First Vanadium Announces $5,461,600 First Tranche Closing of Private Placement Financing
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First Vanadium Announces $5,461,600 First Tranche Closing of Private Placement Financing
May 6, 2021 - Vancouver, British Columbia – First Vanadium Corp. (TSX-V: FVAN; OTCQX®: FVANF; FSE: 1PY)
(“First Vanadium” or the “Company”) announces that it has closed the first tranche (the “ First Tranche”) of its
non-brokered private placement (the “ Offering”) previously announced on April 15 , 2021 . Under the First
Tranche, the Company has issued 13,654,000 units for gross proceeds of $5,461,600.
In connection with the First Tranche, the Company paid a total of $ 60,130 and issued a total of 150,325 non-
transferable warrants as finder’s fees. Each finder’s warrant is exercisable for one common share at a price of
$0.55 for three years.
Certain directors and officers of the Company (the “ Insiders”) participated in the First Tranche and purchased
an aggregate of 375,000 units for aggregate gross proceeds of $ 150,000 (Paul Cowley , the Company’s
President, CEO and a director, purchased 250,000 units for $ 100,000, and John Anderson , a director of the
Company, purchased 125,000 units for $ 50,000). Participation by Insiders in the private placement is
considered a “ related party transaction” pursuant to Multilateral Instrument 61 -101 – Protection of Minority
Security Holders in Special Transactions ("MI 61 -101"). The Company is exempt from the requirements to
obtain a formal valuation and minority shareholder approv al in connection with the Insiders' participation in
the private placement in reliance of sections 5.5(a) and 5.7(a) of MI 61 -101, respectively, on the basis that
participation in the Offering by the Insiders did not exceed 25% of the fair market value of the C ompany’s
market capitalization. The Company did not file a material change report at least 21 days prior to the First
Tranche closing of the Offering as participation of the Insiders had not been confirmed at that time.
All securities issued under the Fir st Tranche are subject to a hold period expiring September 6 , 2021, in
accordance with applicable securities laws and the policies of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
the United States of America. The securities have not been and will not be registered under the United States
Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the
United S tates or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such registration is available.
About First Vanadium Corp.
First Vanadium has an option to earn a 100% i nterest in the Carlin Vanadium Project, located in Elko County, 6
miles south from the town of Carlin, Nevada and Highway I -80. The Project lies in the Carlin Gold Trend. The
Carlin Vanadium-Gold Project also hosts the Carlin Vanadium deposit.
ON BEHALF OF FIRST VANADIUM CORP.
per: “Paul Cowley”
Paul Cowley, CEO & President
(778) 655-4311
www.firstvanadium.com
Neither 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.
Forward-looking information
Certain statements in this news release constitute " forward-looking" statements. These statements relate to future events or the
Company's future performance. All such statements involve substantial known and unkno wn risks, uncertainties and other factors which
may cause the actual results to vary from thos e expressed or implied by such forward -looking statements. Forward -looking statements
involve significant risks and uncertainties, they should not be read as guar antees of future performance or results, and they will not
necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those
anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based
upon what management of t he Company believes are reasonable assumptions on the date of this news release, the Company cannot
assure investors that actual results will be consistent with these forward-looking statements. Readers should not place undue reliance on
forward-looking statements. The forward -looking statements contained in this press release are made as of the date hereof and the
Company disclaims any intention or obligation to u pdate or revise any forward -looking statements whether as a result of new
information, future events or otherwise, except as required under applicable securities regulations.