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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.