VR arranges $800k non-brokered private placement for additional drilling at the Northway kimberlite discovery in northern Ontario. NR-23-12
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
VR arranges $800k non-brokered private placement for additional drilling at the
Northway kimberlite discovery in northern Ontario.
NR-23-12
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.
June 2, 2023, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF), the (Company), or (VR),
announces a non-brokered private placement for $800,000 (the “Financing”). The Company plans to direct the
funds immediately into completion of an additional drill hole later this month into the large kimberlite breccia
complex discovered at its Northway property in northern Ontario . This drill hole will enable the Company to
increase the amount of drill core available for the initial micro-diamond evaluation of the kimberlite at Northway
to be completed at the SRC laboratory in Saskatoon following completion of the drilling.
The Financing includes one flow through subscription and one hard dollar subscription by two institutional
investors, both current core shareholders in VR. The flow-through component will consist of up to 2,051,282
units (the “FT Units”) at a price of $0.195 per FT Unit for gross proceeds of up to $400,000. Each FT Unit consisting
of one Flow Through common share (“Flow-Through 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 $0.25 per common share for a period of 36 months from the closing date (“Closing
Date”). The hard-dollar component will consist of up to 2,222,222 units (the “HD Units”) at a price of $0.18 per
HD Unit for gross proceeds of up to $400,000. Each HD Unit will consist of one common share of the Company
and one common share purchase warrant , with each whole Warrant entitling the holder to acquire one
additional common share at an exercise price of $0.25 per common share for a period of 36 months from the
closing date (“Closing Date”) of the Financing.
The Company may pay a finder’s fee of up to a 6% cash for subscriptions to the financing.
The Closing Date for the placement is expected to be on or before June 30th, 2023, 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 hold period of four months plus one day from the date of Closing, in accordance
with applicable securities legislation.
Use of Proceeds
VR plans to use the gross proceeds of the Financing for mineral exploration in northern Ontario and for general
working capital for the Company. More specifically, the Company plans to use the funds to complete an
additional drill hole later this month into the large kimberlite breccia complex discovered at its Northway
property located in northern Ontario (see NR23-10 dated May 18, 2023), and thereby take advantage of the drill
equipment which remains on site following the recent drill program at the nearby Hecla-Kilmer property.
The securities to be issued hereunder will not been registered under the U.S. Securities Act of 1933, as amended
(the “U.S. Securities Act ”), or any U.S. state securities law s, 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 complianc e 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.
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
About the Northway Property and Project
The Northway property is located in northern Ontario. It is approximately 12 km northeast of the Company’s REE
critical metal discovery at its Hecla-Kilmer project. The nearest town is Moosonee located on tidewater at James
Bay some 12 5 kilometres to the northeast. Kapuskasing is located approximately the same distance to the
southwest, on the Trans-Canada Highway (Provincial HWY 11).
Exploration is based out of a camp at the hydroelectric facility at Otter Rapids located about 50 km to the
southeast of Northway. Provincial Highway 634 provides road access to Otter Rapids from Smooth Rock Falls,
located at the junction of HWY 634 with the Trans-Canada Highway. The property itself is just 15 km west of the
Ontario Northern railway (ONR) which provides service to the communities on James Bay.
The Northway property consists of 64 contiguous claims in a single, 4 x 7 km block 1,315 ha in size. It was
expanded to a district -scale project by staking directly 284 new claims in 19 additional properties covering
magnetic anomalies near Northway and proximal to the ONR line, within an area of 50 x 70 km overall.
The properties are owned 100% by VR. There are no underlying payments or interests on the property and no
royalty interests because the property was staked by VR directly.
Northway is located on provincial crown land in northern Ontario , with mineral rights administered by the
Ontario Ministry of Northern Development , Mines, Natural Resources and Forestry (“MNDM”). There are no
annual payments, but the MNDM requires certain annual exploration expenditures and reporting. The property
falls within the traditional territories of the Moose Cree and Taykwa Tagamou First Nations.
About VR Resources
VR is an established junior exploration company focused on unique, greenfield opportunities on large-footprint
mineral systems in the western United States and Canada (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). The
foundation of VR is the diverse experience and proven track record of its Board in early-stage exploration,
discovery and M&A. The Company is financed for its exploration and corporate obligations. VR owns its
properties outright and evaluates new opportunities on an ongoing basis, whether by direct 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]
Contact: Mike Gunning, 604-374-3708; e-mail: [email protected]
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
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 additional drilling on its Northway 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.
The Company’s public disclosure filings can be accessed via www.sedar.com and readers are urged to review
the 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