VanadiumCorp Gets Conditional Approval Closes First Tranche of Flow-Through Financing

Core Viewpoint - VanadiumCorp Resource Inc. has received conditional approval for a private placement financing, aiming to raise up to $1.4 million through the issuance of flow-through and non-flow-through units [1][2]. Financing Details - The financing consists of up to 2,333,333 flow-through units at $0.30 each and up to 2,800,000 non-flow-through units at $0.25 each, with total gross proceeds expected to reach $1.4 million [1]. - The first tranche of the financing has closed, raising $700,000 through the issuance of 2,333,333 flow-through units [2]. Use of Proceeds - Proceeds from the financing will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" and "flow-through critical mineral mining expenditures" as defined in the Income Tax Act (Canada) [3]. - The company plans to renounce all qualifying expenditures in favor of the subscribers of the flow-through units effective December 31, 2025 [3]. Securities and Regulations - All securities issued under the financing are subject to a four-month hold from the date of issue [4]. - Cash finders' fees totaling $49,000 were paid, along with the issuance of 163,333 non-transferable broker warrants [2]. Company Overview - VanadiumCorp Resource Inc. is focused on developing vanadium-rich assets in Quebec, with its flagship Lac Doré Vanadium Project known for high-purity vanadium suitable for energy storage applications [5]. - The company has established an electrolyte pilot plant in Val-des-Sources, Québec, aimed at testing vanadium materials and initiating commercial production of vanadium electrolyte for vanadium redox flow batteries (VRFBs) [5]. - With vanadium and titanium classified as Critical Minerals in Canada and the U.S., the company aligns with national strategies to enhance domestic supply chains [5].