VR Resources Ltd has completed a non-brokered private placement raising gross proceeds of $7.5 million through the sale of 18,750,000 units priced at $0.40 each.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase an additional common share at an exercise price of $0.65 for 24 months from the closing date. In connection with the offering, the company paid a cash fee of $506,000 to Centurion One Capital Corp. All securities issued under the financing are subject to a statutory four-month-and-one-day hold period.

Proceeds from the financing will fund an upcoming fall exploration diamond drilling program at the New Boston tungsten, molybdenum, copper and silver project in Nevada, alongside marketing and general administrative expenses.

“We are pleased to have successfully closed this financing and are appreciative of the continued support of our shareholders. We are excited to have this capital in order to immediately start the planning process for a drill program at our New Boston tungsten-moly-copper-silver polymetallic porphyry project in Nevada this fall, with a focus on following up on the recently announced intersection in drill hole NB26-003, and the goal of unlocking further value for shareholders in the near-term .”

— Dr. Michael Gunning, Chief Executive Officer

The company recently reported assay results from drill hole NB26-003 at the project, returning an upper intercept of 317 metres grading 0.77% copper equivalent starting directly at surface. VR Resources is currently trading up 9.88% at $0.445 on the TSX Venture Exchange.

Read the full announcement: VR Resources Closes $7.5M Private Placement