VanadiumCorp Closes First Tranche of $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – September 2, 2014 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce further to its August 19, 2014 news release, it has completed the second tranche of its non-brokered private placement (the Placement) previously announced on August 8, 2014. This completes the increased Placement of 16,914,635 Units with gross proceeds now totaling C$1,031,705.
The first and second tranche of the Placement included identical terms. The non-flow-through units (“Units”) were sold at C$0.055 per Unit; and 4,700,000 flow-through units (“FT Units”) at $0.075 per FT Unit.
The FT Units issued under the Placement were sold on a flow-through basis pursuant to the Income Tax Act (Canada) and purchased primarily by institutional investors. The common shares issued under the placement are subject to a four-month hold period that expires on December 14, 2014 for tranche one and December 28, 2014 for tranche two. A cash fee equal to 8 per cent was paid as a finder’s fee in respect of a portion of the proceeds raised. 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.
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.