Vanadian Energy Closes $1,250,000 Private Placement and Acquisition of Huzyk Creek Vanadium Property

Date: Dec 11, 2018

Vanadian Energy Corp. (the “Company”) (TSXV: VEC), announces that the Company has closed its non-brokered private placement of 5,000,000 flow through shares (“FT shares”) at a price of $0.10 per share for gross proceeds of $500,000, and 9,375,000 non-flow though units (“Units”) at a price of $0.08 per Unit for gross proceeds of $750,000.  Each non-flow through unit consists of one common share and one half of a common share purchase warrant.  Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.17 per common share until December 10, 2020. 

The shares issued are subject to a hold period expiring April 11, 2019.  Finders’ fees totalling $34,620 were paid in consideration for services rendered in connection with the Financing.  The Company intends to use the proceeds from this private placement for exploration and development of the Company’s Huzyk Creek in Manitoba, as well as for general working capital.

The Company is also pleased to announced, further to its news release on September 5, 2018, the TSX Venture Exchange (the “Exchange”) has granted final approval of the definitive agreement (the “Agreement”) with Rocas del Norte Incorporated (“Rocas del Norte” or the “Vendor”) whereby the Company has the right to earn up to a 100% interest in the Huzyk Creek Vanadium Property (the “Property”), in north-central Manitoba.

The Property is located approximately 75 kilometres southeast of the town of Snow Lake, Manitoba and consists of a Mineral Exploration License (“MEL”) covering approximately 216 square kilometres.  In addition to the exploration property optioned from Rocas Del Norte, the Company has added additional prospective ground adjacent to the MEL discussed above.  An additional 231 square kilometres has been staked for an overall total property position of approximately 447 square kilometres.

This area has seen significant exploration for base metal mineralization as it lies within the projected extension of both the Flin Flon/Snow Lake belt as well as the Thompson Nickel Belt.  Historically the region has seen no exploration for Vanadium. 

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