VANCOUVER, British Columbia, April 06, 2026 (GLOBE NEWSWIRE) -- VR Resources Limited ("VR" or the "Company", ("VR" or the "Company", TSXV:VRR; FSE: 5VR; OTCQB: VRRCF), FSE: 5VR, ("VR" or the "Company", TSXV: VRR; FSE: 5VR; OTCQB:VRRCF) is pleased to announce that it has entered into an agreement with Centurion One Capital Corp. (the "Lead Agent") as lead agent and sole bookrunner in connection with a brokered private placement. The Company initially plans to raise up to $500,000 (the "Offering") through the sale of up to 2M units ("Units") at an issue price of $0.25 per Unit (the "Issue Price"), on a commercially reasonable efforts basis. Each Unit shall consist of one common share in the capital of the Company (each, a "Share") and one Share purchase warrant (each, a "Warrant"). Each full Warrant shall entitle the holder thereof to purchase one Share at a price of $0.30 per Share for a period of 36 months from the Closing Date (as defined below).
The Company has also granted the Lead Agent an option, exercisable in whole or in part at any time up to and until two (2) business days prior to the closing of the Offering, to increase the size of the Offering by up to an additional 2M Units, on the same terms as the Offering.
Use of Proceeds - Planned Exploration Drilling, Nevada.
Proceeds of the Offering will be used for the planned upcoming diamond drill program at its New Boston tungsten-moly-copper-silver porphyry project in Nevada, marketing, and general corporate expenses.
It is anticipated that certain insiders of the Company, the Lead Agent and certain affiliates may acquire Units in the Offering in amounts up to approximately 50% of the Offering. Any participation by insiders in the Offering will constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company expects such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, is expected to exceed 25% of the Company's market capitalization.
In connection with the Offering, the Company will pay the Lead Agent a commission consisting of: 8% of the aggregate cash proceeds received from the sale of the Units payable in cash; a number of non-transferable warrants (the "Broker Warrants") equal to 8% of the aggregate number of Units issued under the Offering, on identical terms as the Units issued pursuant to the Offering, and in accordance with the policies of the TSX Venture Exchange (the "Exchange"). Each Broker Warrant will be exercisable for a period of 36 months to acquire one ...
