VanadiumCorp Resource Inc. (TSXV:VRB) announced the completion of a $500,000 private placement.
Vanadiumcorp Resource Inc. has closed and fully subscribed its non-brokered private placement of 16,666,667 units at a price of three cents per unit for a total of $500,000. 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. A cash fee equal to 8 per cent was paid as a finder’s fee in respect to a portion of the proceeds raised. Proceeds from the placement will be used for Vanadiumcorp’s Lac Dore preliminary economic assessment (PEA) and working capital.