Vanadiumcorp Closes First Tranche of Private Placement

VanadiumCorp Resource Inc. (TSXV:VRB) announced the closing of the first tranche of the private placement previously announced June 3, 2015, totalling 2,056,980 non-flow-through units at a price of five cents per unit for gross proceeds of $102,849. Each unit consisted of one common share and one non-transferable share purchase warrant exercisable for a period of 36 months at a price of five cents.
As quoted in the press release:

The common shares issued under the placement are subject to a four-month hold period expiring Nov. 18, 2015. The placement was subscribed for by existing shareholders, and no commissions were paid. Approximately 17 per cent of the private placement was purchased by insiders of the company. Proceeds from the private placement will be used for general and administrative expenses. The placement is subject to regulatory approval.

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