Vanadiumcorp Resource closes $396,099 private placement

Executive Summary

• Vanadiumcorp Resource Inc. closed a non‑brokered private placement raising $396,099.99 in gross proceeds.
• The offering consisted of 3,600,909 units, each unit comprising one common share and one warrant (exercise price $0.15, two‑year term). All securities are subject to a four‑month hold period.
• Proceeds will be used for working capital and general corporate purposes; insiders subscribed for 960,000 units ($105,600) in a related‑party transaction exempt from formal valuation under MI 61‑101.

Key Details

• Aggregate gross proceeds: $396,099.99.
• Units issued: 3,600,909 units (each = 1 common share + 1 warrant).
• Warrant terms: Exercise price $0.15 per share; exercisable for two years from issue date.
• Hold period: All securities subject to a four‑month hold.
• Insider participation: Two insiders subscribed for 960,000 units totaling $105,600 (≈ 24% of total proceeds). Treated as a related‑party transaction under MI 61‑101; exemption from formal valuation applied because fair market value ≤ 25% of market cap.
• Use of proceeds: Allocated to working capital and general corporate purposes.

Notable Quotes

(No direct quotes were provided in the release.)