VR announces $150,000 non-brokered flow-through private placement, and confirms a detailed gravity survey at its Hecla-Kilmer Cu-Au property in Ontario for next month

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VANCOUVER, British Columbia, Feb. 12, 2021 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR; FSE: 5VR; OTCBB: VRRCF), the (Company), or (VR), announces a non-brokered flow-through private placement for $150,000.  The non-brokered flow-through private placement (“Financing”) will consist of up to 365,854 flow-through shares (“FT Shares”) at a price of $0.41 per FT Share for gross proceeds of $150,000.14.

The Company will pay a 6% cash finders fee and will issue 3% finders warrants exercisable at $0.55 per warrant share for a period of 18 months from the closing date, and a legal fee of $1,000.

VR will use the gross proceeds of the Financing for mineral exploration on its mineral properties in Ontario, and more specifically for a detailed ground-based gravity geophysical survey at the Hecla-Kilmer property planned for next month, in follow-up to the results of the first pass drilling completed last fall (see news release dated December 17, 2020), with the specific goal of identifying high density copper sulfide concentrations within the newly discovered hydrothermal breccia system at H-K to target in the next phase of drilling.

Closing Date of the Financing is expected to occur on or before February 26, 2021 and is subject to all regulatory approvals including the approval of the TSX Venture Exchange. The securities issued in connection with this Financing will be subject to a four-month hold period from the date of closing in accordance with applicable securities legislation.

The securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the “United States” or to “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and all applicable state securities laws or compliance with an exemption from such registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.