Vr Completes Financings, FOR Aggregate Gross Proceeds of Approximately $2.3 Million. NR-22-16
VR RESOURCES LTD.
1500 – 409 Granville Street
Vancouver, BC, Canada, V6C 1T2
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
VR COMPLETES FINANCINGS, FOR AGGREGATE GROSS PROCEEDS OF APPROXIMATELY $2.3 MILLION.
NR-22-16
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.
October 14, 2022, Vancouver, B.C.: VR Resources Ltd . (TSX.V: VRR; FSE: 5VR; OTCQ B: VRRCF) (the “Company” or “VR”) is
pleased to announce , further to its news relea ses dated September 15 and 2 6, 2022, the second and final closing of the
previously announced non-brokered Flow Through private placement (the “FT Financing”). In connection with the second
tranche closing of the FT Financing, the Company issued today an additional 1,670,000 FT Units (as defined below). In
addition to the FT Financing , the Company recently c ompleted its second and final closing of its non-brokered Hard dollar
private placement ( the “Hard dollar Financing”, and collectively, the “ Financings”) (see NR22- 11, NR22- 12 and NR22- 14
dated August 19, August 30 and September 26, 2022, respectively). The closing of the Financings is in concert with the start-
up of the fall drill program to follow -up on the Company’s discovery of high grade REE critical metal mineralizatio n on its
Hecla-Kilmer property in northern Ontario (see NR22-15 dated Oct. 12, 2022).
The aggregate gross proceeds raised from the Financings is $2,256,060. The break down is as follows:
FT Financing, consisting of 5 ,051,667 units (“FT Units “) at a price of $0.18 per FT Unit for total gross
proceeds of $909,300.
Hard dollar Finan cing, consisting of 8 ,417,250 units (“Units“) at a price of $0.16 per Unit for total gross
proceeds of $1,331,600.
Supporting Information on Financings
Each of the FT Units and the Units consist s of one flow-through common share and one non- flow through common share,
respectively, and one-half of a common share purchase warrant , with each whole warrant entitling the holder to purchase
an additional non-flow through common share at $0.25 for a period of 18 months from the respective closing dates of the
Financings.
In connection with the Financings, the Company paid aggregate cash fees totaling $50,772.00 to certain finders.
The securities that were issued under the F inancings are subject to a four month hold period commencing from the
respective closing dates of such Financings.
VR will use the gross proceeds from the Hard dollar F inancing for its mineral exploration business, inclu ding active
exploration on its various mineral properties held in Ontario, Canada and Nevada, USA. VR will use the gross proceeds from
the FT Financing for mineral exploration on its Hecla -Kilmer property in northern Ontario, and more specifically for a drill
program planned for this fall on its Hecla-Kilmer critical metals discovery in northern Ontario. For example, the start-up of
the fall drill program to follow -up on the Company’s discovery of high grade REE critical metal mineralization at its Hecla -
Kilmer property in northern Onta rio was announced on October 12, 2022, with a field video from the drill site available on
the Hecla-Kilmer project page on the Company’s website at www.vrr.ca .
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 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.
About VR Resources
VR is an established junior exploration company focused on greenfields opportunities in critical metals, copper and gold
(TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the continuance of 4 years of active exploration by a Vancouver -based
private company. The diverse experience and proven track record of its Board in early- stage exploration, discovery and
VR RESOURCES LTD.
1500 – 409 Granville Street
Vancouver, BC, Canada, V6C 1T2
Tel: 604-262-1104; [email protected]
TSX.V: VRR; www.vrr.ca
M&A is the foundation of VR. The Company is well -financed for its corporate obligations and mineral exploration plans
which are focused on underexplored, large -footprint mineral systems in the western United States and Canada. VR owns
its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
The Company continues its normal course of business in 2022 within the framework of modified exploration programs in
response to the COVID-19 pandemic, with the goal of ensuring the health and safety of staff and project personnel.
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: Michael Gunning, CEO, @ [email protected]; Work: 604-262-1104
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, ref er
to future events. Forward looking statements in this release, for example inc lude but are not limited to the Company plans
to carry out exploration on its various mineral properties held in Ontario, Canada, and Nevada, USA .
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.
All of the Company’s filings can be accessed via www.sedar.com, and readers are urged to review these disclosure 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