VanadiumCorp Resource Inc. is pleased to report the results of a Mineral Resource Estimate (MRE) for the Company's 100% owned Lac Doré Vanadium Project.
VANCOUVER, BRITISH COLUMBIA – August 8, 2014 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce a non-brokered private placement of up to 7,272,727 non-flow-through units (“Units”) at a price of C$0.055 per Unit; and up to 5,333,333 flow-through units (“FT Units”) at a price of C$0.075 per FT Unit sold on a “flow-through” basis pursuant to the Income Tax Act (Canada) Aggregate gross proceeds total approximately C$800,000 (the “Offering”).
Each Unit shall consist of one non-flow-through common share of the Issuer and one share purchase warrant (“Warrant”). Each FT Unit shall consist of one flow-through common share of the Issuer and one share purchase Warrant. Each whole Warrant will entitle the holder to acquire one non flow-through common share of the Issuer at a price of C$0.10 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 Resource calculation currently underway, other mineral exploration projects in Canada and general working capital purposes. The Company has agreed to pay a finder’s fee of eight percent in respect of a portion of the proceeds raised. The Placement is subject to regulatory approval.
On behalf of the board:
Adriaan Bakker, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.