VR Bolsters Its Exploration Strategy at Ranoke and Big Ten; Announces Non-Brokered Private Placement

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VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), is pleased to provide an update on its exploration strategy and financing plans. 

The Company has signed two non-binding Letters of Intent (“LOI(s)”) in order to evaluate new opportunities with the potential to strengthen its existing exploration strategies at its Ranoke copper-gold property in Ontario, and its Big Ten gold project in Nevada. Terms for the respective LOI’s are agreed upon and will be announced pending due process on executing final acquisition agreements. Both opportunities are blue-sky in nature relating to greenfields exploration, on large-footprint systems which lack modern, systematic exploration and drill-testing.

From VR’s CEO, Dr. Michael Gunning: “These opportunities are a natural extension of our work at Ranoke and Big Ten; they lend themselves to a leveraging of our experience in each district during the past two years, and to synergies and efficiencies with our current exploration plans. If acquired, the opportunity near Ranoke will be integrated into our plans for completing the first pass drilling which we initiated this past winter. The opportunity near Big Ten will be explored on the ground this summer as we advance the permitting process for first pass drilling of the Amsel gold target planned for later this year. These opportunities will complement our current work plans on our two core assets, and amplify their respective discovery potential for our shareholders; as such, we are planning for success in converting the LOI’s to Acquisition Agreements in the coming weeks, and we look forward to providing further updates and more details in the future.”

To support its exploration strategy, the Company intends to complete a non-brokered private placement (the “Financing”) of up to 5,000,000 units (the “Units”) at a price of $0.22 per Unit. Each Unit will consist of one common share (“Common Share”) of the Company and one-half of a common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.35 per Common Share for a period of 18 months from the closing date (“Closing Date”) of the Financing, and up to 1,000,000 flow-through common shares (“FT Shares”) at a price of $0.24 per FT Share, for gross aggregate proceeds of up to $1,340,000.