VR Resources Closes Financing and Mobilizes Drill to Empire Project in Northern Ontario
VR Resources Closes Financing and Mobilizes Drill to Empire Project in
Northern Ontario
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.
VANCOUVER, British Columbia, Dec. 02, 2024 -- VR Resources Ltd. ( TSX.V: VRR; FSE: 5VR ) (the “Company” or “VR”), is
pleased to announce it has closed the hard dollar portion of its non-brokered private placement financing (the “HD Financing”)
announced on October 28th, 2024 for gross proceeds of $200,000. The Company also announces that it will not be proceeding
at this time with the $200,000 flow-through component of the non-brokered private placement announced on November 4, 2024.
Under the HD Financing the Company has issued 4,444,446 units (the “ HD Units”) at a price of $0.045 per Unit for gross
proceeds of $200,000. Each Unit consists of one common share (a “ 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 $0.07 per Common Share until May 29, 2026.
No finder’s fees were paid in connection with the HD Financing. The securities that were issued under the private placement
are subject to a statutory four month and one day hold period expiring on March 30, 2025.
An insider of the Company and their associate have participated in the HD Financing for an aggregate amount of 666,668
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 HD Financing by the insider did
not exceed 25% of the Company's market capitalization.
VR will use the net proceeds of the HD Financing for current and ongoing mineral exploration in northern Ontario, and for
general working capital for the Company.
From VR’s CEO, Justin Daley; “We are excited to be advancing exploration on our Empire project located along the Trans
Canada highway in northern Ontario, affording us with the lowest cost/metre drilling we have ever had during eight years of
active and continuous exploration in both Nevada and Ontario.
State-of-the-art 3D-array DCIP geophysical surveys are now complete at both our Empire and Silverback projects. We are
actively integrating final, processed data as it arrives in order to develop and prioritize targets for both projects for the 1000 -
1500m drill program now underway.
To be clear, the funds raised in this financing will go directly to work to drill-test the highest priority DCIP targets. The drill is
now on site at Empire (see Photo 1). It will target copper, gold and platinum group elements (PGE) similar to mineralization
exposed on the Trans Canada Highway. The deposit model at Empire is for disseminated sulfide within a large, zoned mafic
intrusion, with our recent magnetic, airborne EM and ground-based DCIP geophysical surveys providing the robust data sets
for integrated drill targeting. We look forward to providing further updates as the drilling proceeds.”
Photo 1. A skid-mounted drill mobilized to the Empire project along an access road just north of the Trans Canada Highway,
on the east side of the Westwood target, this past weekend.
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 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.
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, and more recently, Canada’s newest discovery of a diamond-bearing kimberlite pipe at its Northway project.
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 exploration, discovery and M&A. The Company is 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:
“Justin Daley”
_____________________________
Justin Daley, MSc, PGeo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: [email protected]
Contact: Justin Daley, 604-865-5119; 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, 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, and that the Company will do exploration on its Ontario properties this fall.
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 are accessed on www.sedar.com and readers are urged to review them.
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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b13749d-de38-4e7f-b483-ef93a94b56d7