VR COMPLETES FINANCINGS, FOR AGGREGATE GROSS PROCEEDS OF APPROXIMATELY $2.3 MILLION.

 

VANCOUVER, British Columbia, Oct. 14, 2022 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF) (the “Company” or “VR”) is pleased to announce, further to its news releases dated September 15 and 26, 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 completed 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 mineralization 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 Financing, 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 consists 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 Financings 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 Financing for its mineral exploration business, including 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 Ontario 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 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 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 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:	info@vrr.ca
Contact:	Michael Gunning, CEO, @ mgunning@vrr.ca;	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, refer to future events. Forward looking statements in this release, for example include 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