VanadiumCorp closes first tranche of $700 000 private placement
TSX-V-listed VanadiumCorp Resource has received stock exchange approval for a private placement to raise $700 000 from 5.8-million units issued at a price of $0.12 apiece.
The company has already closed a first tranche of the financing, issuing 3.9-million units for aggregate gross proceeds of $478 000.
The units comprise one common share of the company and one common share purchase warrant, with the warrant being exercisable for an additional common share at a price of $0.22 apiece.
The warrants are valid for two years from the date of issue.
VanadiumCorp aims to use the proceeds for working capital and general corporate purposes.
The group owns the Iron T and Lac Doré prospects in Québec, which are vanadiferous titanomagnetite projects. VanadiumCorp is advancing innovative technologies to extract vanadium, titanium and potentially high-grade iron from the two projects, including vanadium feedstock for electrolyte production.
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