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VR Resources Limited, trading under the ticker symbols TSXV: VRR and OTC: VRRCF, has announced an increase in its brokered private placement offering. The company now seeks to raise $2,750,000 by issuing up to 17,187,500 units, reflecting a significant adjustment from the initial offering amount.
Table of Contents:
Details of the offering
The lead agent for this offering is Centurion One Capital Corp, responsible for managing the placement.
The agent has the option to sell an additional $500,000 worth of units if deemed necessary. Each unit, priced at $0.16, will consist of one common share and one common share purchase warrant. This warrant will give investors the opportunity to purchase another common share at $0.20 for a period of 36 months following issuance.
Consolidation of shares
VR Resources plans to consolidate its issued common shares as part of a financial maneuver. The consolidation will convert every ten pre-consolidation shares into one post-consolidation share, pending approval from the TSX Venture Exchange. The company currently has 133,443,467 shares outstanding, which will reduce to approximately 13,344,346 shares following the consolidation, excluding shares from the current offering.
Commission and closing timeline
A commission of 8% will be payable to Centurion One Capital for this initiative, based on the total cash proceeds from the sale of the units. Additionally, they will receive a number of non-transferable broker warrants equivalent to 8% of the units issued. These warrants can be converted by the lead agent into identical units and will remain valid for three years from the closing date.
The anticipated closing date for this offering is approximately January 16. This date is subject to the receipt of all necessary approvals, including those from the TSX Venture Exchange. Following the closing date, a hold period of four months and one day will apply to the securities issued under this offering.
Geographical scope of the offering
The units offered will be available through a private placement in several Canadian provinces, including British Columbia, Alberta, and Ontario, as well as in the United States, under exemptions from registration requirements established by the U.S. Securities Act of 1933. It is important to clarify that this announcement does not constitute an offer to sell in the United States, as the securities have not been registered under the U.S. Securities Act.
About VR Resources and Centurion One Capital
VR Resources is a junior exploration company headquartered in Vancouver. The company focuses on evaluating and exploring opportunities in copper, gold, and critical metals throughout Nevada, USA, and Ontario, Canada. Utilizing modern technologies and extensive in-house expertise, VR Resources is dedicated to identifying and developing projects with high potential.
Centurion One Capital plays a complementary role by empowering innovative entrepreneurs through transformative capital and deep industry expertise. Their commitment to excellence and strong partnerships underscores their mission to instigate significant change within the sector.
As VR Resources advances its funding initiative, it aims to strengthen its foundation in exploration and resource development, enhancing its operational capabilities while seeking new opportunities in the mining sector.
Forward-looking statements
Information regarding this offering should be approached with caution due to the presence of forward-looking statements. These statements may be subject to various risks and uncertainties. Factors such as market conditions, regulatory approvals, and the company’s financial accessibility can significantly affect the outcomes discussed.
VR Resources’ proactive strategy to expand its funding sources reflects its commitment to growth and exploration in the mining sector. Investors are advised to remain informed as the company advances toward its future initiatives.
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