TORONTO, ON / ACCESSWIRE / February 1, 2017 / Vanadium One Energy Corp. (VONE.V) (9VR1.F) (the "Company"), is pleased to announce a non-brokered private placement financing to raise up to $900,000 (the "Offering"). The Offering is anticipated to be structured as a best efforts private placement comprised of 7,500,000 units ("Units") of the Company at a price of $0.12 per Unit to raise aggregate proceeds of up to $900,000. 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 $0.25 for a period of 24 months from the closing date of the private placement.
It is currently anticipated that certain principals and insiders of the Company may participate in the Offering.
The Company has engaged First Republic Capital Corporation ("First Republic") as its financial advisor and lead finder. First Republic has commenced discussions with other interested firms and may elect to form a syndicate group. It is currently anticipated that a cash fee will be paid to finders representing 8% of the gross proceeds raised in the Offering. Additionally, it is anticipated that finders will receive that number of compensation warrants ("Compensation Warrants") totaling 8% of the number of Units sold pursuant to the Offering. The Compensation Warrants are exercisable at a price of $0.15 Unit for a period of 24 months after the closing of the Offering. First Republic is to be paid a corporate finance fee representing 2% of the gross proceeds raised in the Offering and that number of Compensation Warrants equaling 2% of the number of Units sold in the Offering.
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. There can be no assurance that the Offering will be completed, whether in whole or in part. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period. Proceeds from the Offering will be used for exploration, growth, research and development, marketing, and general working capital purposes.
About Vanadium One Energy:
Vanadium One Energy is a mineral exploration company located in Burlington, Ontario, Canada. Our primary focus is to acquire "near-term production" exploration mining projects and existing producers. Vanadium One Energy Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.