Vanadium One Energy Corp.: Announces Closing of Private Placement Financing
Toronto - Vanadium One Energy Corp. (the “Company”) (TSXV:VONE, FRANKFURT:9VR1), is pleased to announce it has completed a non-brokered private placement financing (the “Financing”). Pursuant to the Financing, the Company issued 4,636,454 "flow-through" common shares of the Company at a price of $0.11 per share for proceeds to the Company of $510,009.94. The $0.11 issue price is at a 47% premium to the current market price for the Company’s shares. The Company intends to use the proceeds from the private placement for exploration on certain properties in Quebec and British Columbia. All securities issued in connection with the Financing are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. A portion of the Financing constitutes a "related party transaction" under Multilateral Instrument 61-101 ("MI 61-101") as a director of the Company participated in the Financing. The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Financing as the details of the participation of the related parties of the Company had not been confirmed at that time.
A cash fee was paid to finders representing 6% of the gross proceeds raised in the Financing.
About Vanadium One Energy:
Vanadium One Energy Corp. is a mineral exploration and development company. Its registered office is located in downtown Toronto, Canada, with its operational office located in Burlington, Ontario, Canada. The Company is focused on developing exploration projects that reside within the “Strategic Minerals” domain, as defined by the USGS. Our goal is to ascertain the mineralogical and metallurgical characteristics of these strategic minerals within our projects, define the extent of the resource on each project and to demonstrate the economic viability of extraction. It is the intent of the Company to become an integral part of the supply chain for the traditional, and still expanding, HSLA steel industry and to gain its share of the new, and burgeoning, battery storage technology space.
ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUM ONE ENERGY CORP.
W. John Priestner
President and Chief Executive Officer
info@vanadiumone.com
The Vanadium One Energy team invites the public to visit our website for further information about the company at www.vanadiumone.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Vanadium One Energy Corp. (TSX Venture:VONE, FWB:9VR1)