VR has completed its fundraising with total gross revenue of approximately $2.3 million. Canadian Business Journal

VANCOUVER, British Columbia, October 14, 2022 (GLOBE NEWSWIRE) — VR Resource Co., Ltd.. (TSX.V: VRR; FSE: 5VR; OTCQB: VRRCF) (“Company” or “VR”), in addition to the news releases dated September 15 and 26, 2022, previously announced a brokerless flow-through private placement (“FT Financing”). In connection with the closing of his second tranche of FT financing, the Company today issued an additional 1,670,000 FT units of his (defined below). In addition to FT Financing, the firm recently completed his second and final closing of an unbrokered hard dollar private placement (“Hard Dollar Financing”, and collectively “Financing”) (NR22-11 , see NR22-12). NR22-14 dated 19 August, 30 August and 26 September 2022 respectively). The closing of the financing coincides with the start of a fall drill program to follow up on the discovery of significant metal mineralization of high-grade REE on Hecla-Kilmer’s property in northern Ontario. (see NR22-15 dated 22 October). 12, 2022).

The total amount raised from the funding is $2,256,060. The breakdown is as follows.

• FT Financing 5,051,667 Price per Unit (“FT Unit”) $0.18 per FT unit of total revenue $909,300.
• Hard dollar loans consisting of 8,417,250 Price per Unit (“Unit”) $0.16 per unit of total revenue $1,331,600.

Supplemental Information on Funding

Each FT Unit and Unit consists of one flow-through common stock and one non-flow-through common stock and one-half of a common stock purchase warrant. – Flow common stock at $0.25 for 18 months from each funding close date.

In connection with the funding, the Company paid certain finder a cash fee totaling $50,772.00.

Securities issued under the Loans are subject to a hold period of four months beginning on each closing date of such Loans.

VR will use gross proceeds from hard dollar financing for mineral exploration operations, including active exploration of various mineral properties located in Ontario, Canada and Nevada, USA. VR will invest in FT for mineral exploration at his Hecla-Kilmer property in northern Ontario, and more specifically for a drilling program planned for this fall at his Hecla-Kilmer critical metal discovery in northern Ontario. Use the total return from the loan. For example, on October 12, 2022, the start of a fall drilling program to follow up on the discovery of his REE critical metal mineralization of high grade at his Hecla-Kilmer property in northern Ontario. has been announced. Drill site available on his Hecla-Kilmer project page on the company website at www.vrr.ca.

Such securities have not been registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”) or any state securities law of the United States and may not be offered or sold in the “United States” or “United States Persons”; You can not. (as such terms are defined in Regulation S under the U.S. Securities Laws) without registration under the U.S. Securities Laws and all applicable state securities laws, or compliance with any exemption from such registration. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and no sale of securities shall be made in any state where such offer, solicitation or sale would be unlawful.

About VR resources

VR is an established junior exploration company focused on greenfield opportunities in critical metals, copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is a continuation of his four years of active research by a private Vancouver-based company. The board’s diverse experience and proven track record in early-stage exploration, discovery and M&A is the foundation of VR. The Company provides substantial funding for corporate mandates and mineral exploration programs focused on large unexplored mineral systems in the western United States and Canada. VR fully owns its assets and continually evaluates new opportunities, either through staking or acquisition.

The company will continue normal operations in 2022 within the framework of a modified exploration program in response to the COVID-19 pandemic, aimed at ensuring the health and safety of staff and project personnel.

On behalf of the Board of Directors:

“Michael H. Gunning”
______________________________
Dr. Michael H. Gunning, PhD, PGeo
President and CEO

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as believe, expect, predict, intend, estimate, assume and similar expressions or by their nature refer to future events Thing. Forward-looking statements in this release include, but are not limited to, our plans to conduct exploration for various mineral properties located in Ontario, Canada and Nevada, United States.

Although the Company believes its use of such statements is reasonable, there is no assurance that such statements will prove to be accurate, and actual results and future events may not be anticipated by such statements. can vary greatly. We caution investors that our forward-looking statements are not guarantees of future performance and that actual results may differ materially from the forward-looking statements. Trading in our securities should be considered highly speculative.

All company filings can be accessed in the following ways: www.sedar.comand readers are encouraged to review these disclosure materials.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

CBJ Newsmaker