VanadiumCorp Arranges $500,000 Private Placement

VanadiumCorp Resource Inc. (TSXV:VRB) announced that it has arranged a non-brokered private placement of up to 16,666,667 units at a price of three cents per unit for a total of $500,000.
As quoted in the press release:

Each unit shall consist of one common share of the issuer and one share purchase warrant. Each full warrant will entitle the holder to acquire one common share of the issuer at a price of six cents for a period of 36 months following the closing date of the offering. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. Proceeds from the placement will be used for Vanadiumcorp’s Lac Dore preliminary economic assessment( PEA) and working capital. The placement is subject to regulatory approval.

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