VanadiumCorp Closes $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA, November 20, 2020 – VanadiumCorp Resource Inc. (TSX-V: VRB) (the “Company”) is pleased to announce that further to its news release dated November 13, 2020, it has completed its non-brokered private placement. The Company issued 10,000,000 units at a price of $0.05 for gross proceeds of $500,000. Each unit is comprised of one common share and one non-transferable warrant. Each warrant is exercisable into one common share of the Company at an exercise price of $0.10 per share for a period of 24 months from the date of issuance. The shares issued are subject to a statutory hold period expiring on March 21, 2021. Proceeds from the placement will be utilized for general working capital.
The Company is a mining and technology company focused on the commercial development of the VanadiumCorp-Electrochem Processing Technology “VEPT”, a green and efficient 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. VanadiumCorp’s mandate is to become a strategic supplier of renewable vanadium for redox flow batteries and other high purity applications that benefit most from exclusively green and cost-effective vanadium. VanadiumCorp Resource Inc. plans to integrate VEPT into the development of the 100% owned Lac Doré vanadium-titanium-iron flagship project adjacent to Blackrock Metals Inc.’s 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 mining-friendly and geopolitically stable jurisdiction of Québec, Canada. Green recovery technology, resource size, superior vanadium grades and well-developed infrastructure 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 renewable use of vanadium in sustainable energy storage for residential to unlimited scale applications. 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.
On behalf of the board of VanadiumCorp:
President and Chief Executive Officer
For more information:
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