Vanadiumcorp Closes Second Tranche FOR $540,000

TSX-V: “VRB”

VANADIUMCORP CLOSES SECOND TRANCHE FOR $540,000

VANCOUVER, BRITISH COLUMBIA – May 23, 2017 – Vanadi umcorp Resource Inc. is pleased to

announce it has closed the 2 nd tranche of the over subscribed non-brokered privat e placement of

9,000,000 units at a price of CDN $0.06 cents per u nit for a total of CDN $540,000. Each unit shall

consist of one common share of the issuer and one full share purchase warrant. Each full warrant will

entitle the holder to acquire one common share of the issuer at a price CDN $0.10 for a period of 24

months following the closing date of the offering. 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 advancing the patent pending Vanadiumcorp-Electrochem process

technology, trial Vanadiumcorp ElectrolyteTM and el ectrolytic iron production and operating capital.

No fees or commissions were paid in association with the private placement.

FOR MORE INFORMATION, CONTACT:

Adriaan Bakker, President and Chief Executive Officer - Direct: 604-385-4485

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts respo nsibility for the

adequacy or accuracy of this release.