VanadiumCorp Resource Inc. (TSXV:VRB) announced a non-brokered financing for or a total of $700,000 consisting of up to 14 million units at a price of five cents per unit.
As quoted in the press release:
Vanadiumcorp Resource Inc. has arranged a non-brokered private placement of up to 14 million units at a price of five cents per unit for a total of $700,000. Each unit shall consist of one common share of the issuer and one share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the issuer at a price of 10 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 currently under way and general working capital purposes. The placement is subject to regulatory approval.