VR Closes $1 Million Private Placement and Receives $200K OJEP Grant to Confirm Funding for Follow-Up Drilling Planned for this Winter at Hecla-Kilmer. NR-21-24
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 Closes $1 Million Private Placement and Receives $200K OJEP Grant to Confirm
Funding for Follow-Up Drilling Planned for this Winter at Hecla-Kilmer.
NR-21-24
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IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S.
SECURITIES LAWS.
December 1, 2021, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company”
or “VR”) is pleased to announce that it has c losed its previously announced non-brokered flow-through private
placement (“Financing”) consisting of 2,631,579 flow-through shares (“FT Shares”) at a price of $0.38 per flow-
through share for gross proceeds of $1,000,000. In connection with the Financing, the Company paid a cash
finders fee of $60,000.00, issued 157,894 finders share purchase warrants exercisable at $0.50 per warrant for a
period of 18 months from todays closing. The securities that were issued under the Financing are subject to a
four month hold period under Canadian securities law. Use of proceeds will be for exploration on the Company’s
Hecla-Kilmer property in northern 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.
The Company was informed by the Ontario Ministry of Northern Development, Mines, Natural Resources and
Forestry (“MNDM”) on October 29, 2021, that its application to the Ontario Junior Exploration Program, OJEP,
was successful, awarding the Company a maximum $200,000 grant, conditional only on the completion of the
template investment agreement which governs the program grants.
From the Company’s CEO, “this strategic placement of FT funds, in combination with the OJEP grant will allow us
to move forward and secure a drill for the upcoming winter season to follow up on our recent discovery of critical
metals within the large fluorite-carbonate hydrothermal breccia system at H-K. The final geochemical data yet to
be received from the drill program this fall will be integrated with all of our existing geochemical data, mineral
data and geophysical models in order to prioritize targets for the follow-up drill program planned for this winter.
With thanks to our largest, and core FT shareholder for this placement, and to MNDM for awarding VR in the
OJEP program, I will look forward to providing further updates as our work at Hecla-Kilmer advances. Our goal
for the follow-up drilling will be twofold: 1. Identify and test the structures which control the large volume of REE
+ Nb mineralization discovered in 2021, and; 2. Continue to evaluate the copper and gold potential of integrated
targets that remain untested elsewhere in the large and multiphase alkaline complex with carbonatite at H-K.”
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
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
For general information please use the following:
Website: www.vrr.ca
Email: [email protected]
Phone: Michael Gunning 604-262-1104
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
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 Company focuses on underexplored, large -
footprint mineral systems in the western United States and Canada, and is well fina nced 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.
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 thos e which, by their nature, refer
to future events. Forward looking statements in this release, for example include but are not limited to the Company’s plans
to carry out exploration at its Hecla-Kilmer property in Ontario.
Although the Company believes that the use of such statements is reasonable, there can be no ass urance 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