VR announces $1m non-brokered private placement to solidify plans follow-up drilling in September at its Hecla-Kilmer copper-gold property in Ontario NR-21-12
VR RESOURCES LTD.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C 1T2
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
VR announces $1m non-brokered private placement to solidify plans follow-up drilling in
September at its Hecla-Kilmer copper-gold property in Ontario
NR-21-12
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.
May 11, 2021, Vancouver, B.C.: VR Resources Ltd . (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF ), the (Compan y), or
(VR), announces a non-brokered private placement (“Financing”) for gross proceeds of $1,000,000.
The financing has two parts. A flow-through private placement will consist of up to 1,190,476 flow-through
shares (“FT Shares ”) at a price of $0.42 per FT Share for gross proceeds of $500,000. A hard -dollar private
placement will consist of 1,428,571 units (the “Units”) at a price of $0.35 per Unit for gross proceeds of $500,000,
with each Unit consisting of one common share (“Common Share”) of the Company and one-half of a common
share purchase warrant ( “Warrant”), with each whole Warrant entitling the holder to acquire one additional
Common Share at an exercise price of $0.55 per Common Share for a period of 18 months from the closing date
(“Closing Date”) of the Financing. The Company may pay up to a 6% cash finders fee and issue up to 6% finders
warrants exercisable at $0.55 per warrant share for a period of 18 months from the closing date.
VR will use the gross proceeds of the Financing for its mineral exploration business, and more specifically to
solidify the Company’s plan for follow -up drilling this September at its Hecla -Kilmer IOCG project in Northern
Ontario, in response to a large, h igh amplitude and high contrast gravity anomaly announced last Wednesday
(see news release dated May 5, 2021, for details).
The financing is expected to Close on or before May 21, 2021, and is subject to all regulatory approvals including
the approval of the TSX Venture Exchange. The securities issued in connection with this Financing will be subject
to a four-month hold period from the date of closing in accordance with applicable securities legislation.
From VR’s CEO, Dr. Michael Gunning “ I wish to take this opportunity to sincerely thank two of our core,
institutional share holders for their support. This financing strategy strengthens VR’s business model in general,
and more specifically our exploration programs in both Ontario and Nevada through 2021. In particular, these
funds will allow us start planning immediately for follow-up drilling in September at Hecla -Kilmer, including the
confirmation of key service company contracts necessary for the successful execution of that program. In the
meantime, we continue to advance our various drill programs in Nevada, and we look forward to providing further
updates in the future.”
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 appl icable 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
VR is an established junior exploration company focused on greenfields opportunities in copper and gold (TSX.V:
VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the continuance of 4 years of active exploration in Nevada by a
VR RESOURCES LTD.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C 1T2
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
Vancouver-based private company. The diverse experience and proven track record of its Board in early -stage
exploration, discovery and M&A is the foundation of VR. The C ompany focuses on underexplored, large -
footprint mineral systems in the western United States and Canada, and is well financed for its exploration
strategies and corporate obligations. VR owns its properties outright, and evaluates new opportunities on an
ongoing basis, whether by staking or acquisition.
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:
Website: www.vrr.ca
Email: [email protected]
Phone: 604-262-1104
Contact: Mike Gunning, at [email protected] ; Cell: 604-374-3708
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 general use of proceeds, that the Company will complete the financing; that the Company will
carry out exploration on its Ontario 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 sta tements. 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