VanadiumCorp Closes $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA, November 13, 2020 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (the “Company”) has arranged a non-brokered private placement of up to 10,000,000 non flow-through units at a price of $0.05 cents for gross proceeds of up to $500,000 CDN. Each unit will consist of one common share of the Company and one share purchase warrant. Each share purchase warrant can be exercised at a price of $0.10 for a period of 24 months from the date of closing in exchange for one common share in Company. 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 utilized for general working capital.
The private placement is subject to approval by the TSX Venture Exchange.
VanadiumCorp Resource Inc. plans to develop it’s 100% owned Lac Doré vanadium-titanium-iron flagship project adjacent to Blackrock Metals Inc. property, which is currently permitted to build a mine and mill to produce a vanadium-rich magnetite concentrate product. VanadiumCorp provides investors with leverage to vanadium, titanium and iron in the low political risk and geopolitically stable jurisdiction of Quebec, Canada. Superior vanadium grades, size and well-developed infrastructure with the nearby mining town of Chibougamau is a valuable strategic position to take advantage of the strong vanadium market driven by supply shortages and growing demand from the Chinese steel industry, as well as the fast-emerging use of vanadium in energy storage. Nearby infrastructure includes a 161kV Hydro Power at approximately $.02 kWh, CN Rail Line, available water, local airport, and a mining community of over 7,000 people in the city of Chibougamau. The Company is also developing it’s jointly owned “VanadiumCorp-Electrochem Processing Technology” “VEPT”, a novel chemical process invented by Dr. Francois Cardarelli, that addresses the recovery of vanadium, iron, titanium, and silica from feedstocks such as vanadiferous titano-magnetite, iron ores and other industrial by-products containing vanadium.