Vanadiumcorp seeks TSX-V OK for $1.4-million financing

Executive Summary

• Vanadiumcorp Resource Inc. has filed for conditional approval with the TSX Venture Exchange for a private placement financing of up to $1.4 million.
• The company announced the closing of the first tranche of this financing, raising $700,000 through the issuance of 2,333,333 flow-through (FT) units.
• The total financing structure includes up to 2,333,333 FT units at 30 cents each and up to 2.8 million non-flow-through (NFT) units at 25 cents each, with net proceeds designated for exploration programs on the company's projects.

Key Details

• Financing Structure:
  • Flow-Through (FT) Units: Up to 2,333,333 units at $0.30 per unit.
  • Non-Flow-Through (NFT) Units: Up to 2.8 million units at $0.25 per unit.
  • Aggregate Gross Proceeds: Up to $1.4 million.
• First Tranche Details:
  • Status: Closed.
  • Gross Proceeds: $700,000.
  • Units Issued: 2,333,333 FT units.
• Warrant Terms:
  • FT Warrants: Each FT unit includes one-half of a non-flow-through common share purchase warrant. Each full warrant is exercisable at $0.45 for 18 months from the date of issue.
  • NFT Warrants: Each NFT unit includes one common share purchase warrant. Each warrant is exercisable at $0.45 for 18 months from the date of issue.
• Use of Proceeds:
  • Net proceeds will be used for the company's exploration program on its projects.
  • Proceeds from FT units will be used to incur eligible Canadian exploration expenses (including flow-through critical mineral mining expenditures) on or before Dec. 31, 2026.
  • Qualifying expenditures will be renounced in favor of FT subscribers effective Dec. 31, 2025.
  • The company obtained the required Critical Minerals Exploration Tax Credit (CMETC) form, certifying that expenditures target critical minerals, including vanadium.
• Regulatory and Hold Periods:
  • All securities are subject to a four-month hold from the date of issue.
  • Finders' fees may be paid in cash and warrants in accordance with TSX Venture Exchange policies.

Notable Quotes

• None provided in the text.