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Vancouver, British Columbia--(Newsfile Corp. - January 8, 2021) - VanadiumCorp Resource Inc. (TSXV: VRB) (OTC PINK: APAFF) (FSE: NWN) (the "Company") is pleased to announce that it has closed its previously announced financing (the "Private Placement"), see the news releases dated December 31, 2020 and January 5, 2021, and raised $858,000 through the issuance of 8,580,000 units (the "Units") at a price of $0.10 per Unit. The net proceeds of the Private Placement will be used for general working capital.
Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of C$0.15 per Common Share for a period of 24 months from the date of closing. All securities issued pursuant to the Private Placement are subject to a statutory four month hold period, in accordance with applicable securities laws.