Vanadium One Energy Corp. Announces Proposed Private Placement
Date: Sep 12, 2018
Vanadium One Energy Corp. (TSXV:VONE) (the “Company”), announces a proposed non-brokered private placement financing for aggregate gross proceeds to the Company of up to $500,000 (the “Offering”) by issuing up to a maximum of 4,300,000 units at a price of $0.07 per unit for maximum proceeds of $301,000, and 1,990,000 “flow-through” shares at a price of $0.10 per share for maximum proceeds of $199,000. Each unit will consist of one common share in the capital of the Company and one common share purchase warrant. Each warrant will entitle its holder to purchase one additional common share at an exercise price of $0.14 for a period of 2 years from the closing date of the private placement. There can be no assurance that the Offering will be completed, whether in whole or in part. The company may pay up to 6% in Finders’ Fees on the proceeds of the flow-through shares. Insiders and Directors of the Company may participate in the private placement.
The Company will use the proceeds of the Offering to finance the Company’s continuing exploration program at its Mont Sorcier Vanadium Magnetite project near Chibougamau, Quebec, and for general working capital requirements.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange and the securities regulatory authorities. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period.
