VanadiumCorp Completes 1st Tranche of $1 Million Private Placement
TSX-V: “VRB”
VANADIUMCORP COMPLETES 1st TRANCHE of $1 MILLION PRIVATE PLACEMENT
VANCOUVER, BRITISH COLUMBIA –August 19, 2014 - Vanadiumcorp Resource Inc. (TSX-V:
"VRB") (the "Company") is pleased to announce that due to demand, it has increased its nonbrokered private placement (the Placement) previously announced on August 8, 2014. The Placement has been increased from 12,606,060 units and gross proceeds of C$800,000 to 16,562,816 Units with gross proceeds now totaling C$1 Million.
The Company is also pleased to announce it has closed the 1st tranche of the Placement totaling 14,744,635 Units and consisting of 10,044,635 non-flow-through units ("Units") at a price of C$0.055 per Unit; and 4,700,000 flow-through units ("FT Units") at a price of C$0.075 per FT Unit for gross proceeds of C$904,955.
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 November 14, 2014. A cash fee equal to 8 per cent of the gross proceeds 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. The Placement is subject to regulatory approval.
For further information, contact Adriaan Bakker, President and Chief Executive Officer or Tim Halyk, Business Development at 604-385-4485 or [email protected]
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.
VanadiumCorp Resource Inc. Suite #711 675 West Hastings Street, Vancouver, BC, V6B 1N2, Canada Direct:604.385.4489 Facsimile:604.685.3764 Website www.vanadiumcorp.com