VR Closes Financing and finalizes plans to mobilize drill program at New Boston NR-24-06
VR RESOURCES LTD.
1500 - 409 Granville St.
Vancouver, BC, Canada, V6C 1T2
Tel: 778-731-9292; [email protected]
TSX.V: VRR; www.vrr.ca
VR Closes Financing and finalizes plans to mobilize drill program at New Boston
NR-24-06
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.
March 27, 2024, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF), (the “Company, or
“VR”), is pleased to announce it has Closed the previously announced, $900,000 financing (the “Financing”), and
planning is now underway to mobilize the maiden drill program at its New Boston porphyry copper-moly system
in Nevada.
The terms of the Financing are unchanged from those announced on March 22nd in NR-24-05. The Company has
issued 5,982,665 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of $897,400. Each Unit consists
of one common share (“Common Share”) of the Company, and one-half of one Common Share purchase warrant
(each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one
additional Common Share at an exercise price of $0.20 per Common Share until September 27, 2025.
The Company paid cash fees totaling $30,999 in connection with certain placements into the Financing.
The securities that were issued under the Financing are subject to a statutory four month and one day hold
period expiring on July 28, 2024.
An Insider of the Company participated in the Financing for an aggregate amount of 333,333 units. Such
participation is considered a related party transaction within the meaning of Multilateral Instrument 61 -101 –
Protection of Minority Security Holders in Special Transactions ("MI 61-101"). In completing such transaction, VR
relied on the applicable exemptions from the valuation requirement and minority security holder approval
requirements available under Sections 5.5(a) and 5.7(a) of MI 61 -101, respectively, on the basis that the
participation in the Financing by the Insider did not exceed 25% of the Company's market capitalization.
Use of Proceeds Going Forward
VR will use the net proceeds of the Financing for its mineral exploration business, and more specifically towards
the pending drill program planned for the polymetallic copper -moly-silver porphyry-skarn system on its New
Boston property located in west-central Nevada.
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 Reg ulation S
under the U.S. Securities Act) without registration under the U.S. Securities Act and all applicabl e 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 based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF).
VR evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in
Nevada, USA, and Ontario, Canada. The Company has also made Canada’s newest diamond discovery in northern
Ontario, and controls a new field of kimberlite targets around it. VR applies modern exploration technologies
and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in
underexplored areas/districts. The foundation of VR is the proven track record of its Board in early -stage
VR RESOURCES LTD.
1500 - 409 Granville St.
Vancouver, BC, Canada, V6C 1T2
Tel: 778-731-9292; [email protected]
TSX.V: VRR; www.vrr.ca
exploration, discovery and M&A. The Company is well -financed for its mineral exploration 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]
Contact: Mike Gunning, 604-374-3708; e-mail: [email protected]
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, and similar expressions or are those which, by their n ature, refer to future
events. Forward-looking statements in this release include but are not limited to: the anticipated uses of the proceeds of the
Financing; the expected timing and execution of a drill program at New Boston.
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 forward-looking information contained in this press release represents the expectations of the Company as of the date
written above, and accordingly, is subject to change after such date. Readers should not place undue importance on forward-
looking information and should not rely upon this information as of any other date. While the Company may elect to, it does
not undertake to update this information at any particular time except as required in accordance with applicable laws.
All of the Company’s public disclosure filings are available at www.sedar.com; 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