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VR Resources Ltd closes $1.2M financing to fund exploration in the US and Canada

Published: 10:41 28 Oct 2019 EDT

gold bars canadian dollars
Aggregate gross proceeds from both tranches totaled C$1,217,000

VR Resources Ltd (CVE:VRR) announced it has closed the final tranche of a C$1.2 million financing to use for exploration on the company’s mineral properties in the US and Canada. 

The Vancouver-based junior closed the second tranche on Friday consisting of 1.5 million units priced at C$0.30 for proceeds of C$457,000. The company also issued nearly 761,000 warrants exercisable at C$0.50 for an 18-month period. 

Aggregate gross proceeds from both tranches totaled C$1,217,000 from the issuance of 3.5 million shares. 

READ: VR Resources to raise over C$1M to advance mineral exploration in Nevada and Ontario

VR Resources paid finders fees of C$24,900 and issued 83,000 warrants exercisable at C$0.50 per share for a period of 18 months from the closing date. 

The junior recently doubled the size of its Amsel property on the firm’s Big Ten gold project in Nevada.  

It also identified a large gravity anomaly at the Ranoke copper-gold project in Ontario. 

Shares of VR Resources slipped 5% on Monday morning at C$0.29 in Toronto. 

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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