VR Resources Closes Non-Brokered Flow Through Private Placement

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This news release is not intended for distribution to U.S. Newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

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VANCOUVER, British Columbia, Dec. 27, 2024 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR; FSE: 5VR), (the “a company“), or (“Virtual reality“”) Announces the Closing of the Private Placement Without a Brokerage (“”)Financing FT“”) with gross proceeds of US$400,000 through the issuance of 8,000,000 units (“Feet units“) at a price $0.05 per unit foot.

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Each FT unit consists of one common flow share (“Share FT“) of the Company and one-half of a non-flowing common stock purchase warrant (each full warrant)noteEach Warrant entitles the holder to acquire one additional common share (“Share”) at an exercise price of $0.08 per share for a period of 18 months from the closing date (“Closing Date”).

The company plans to immediately direct funds toward planned January drilling at northwestern Ontario copper-nickel-copper-gold properties: the new chargeability anomaly at Silverback, follow-on drilling to the recently completed Phase 1 drilling program. In Westwood at the Empire Project.

Red Cloud Securities Company (“Red cloud“) served as a finder in connection with the non-brokered private placement. The Company paid a fee of $24,000 and 480,000 compensation warrants (“compensation warrants”) to Red Cloud in cooperation with FT Financing. The compensation warrants will permit the purchase of one common share in the capital of the Company at a price of $0.05 per share The normal period of 18 months from the closing of the offering.

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Use of proceeds

The gross proceeds from the sale of the FT Units will be used by the Company to defer qualifying “Canadian Exploration Expenditures” which will qualify as “Critical Mineral Flow Mining Expenditures” as such terms are defined in Income tax law (Canada) (“Eligible Expenditures”), relating to the Company’s mineral exploration projects in Ontario, Canada, on or before December 31, 2025, and the Company will waive all Eligible Expenditures for the benefit of those participating in financing effective December 31, 2024.

The securities to be issued hereunder will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any securities laws of the United States, and may not be offered or sold in the “United States” or To “U.S. Persons” (as those terms are defined in Regulation S under the U.S. Securities Act) without registration under the U.S. Securities Act and all applicable state securities laws or complying with an exemption from such registration.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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About virtual reality resources

VR is a junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR). VR evaluates, explores and develops large-scale opportunities in copper, gold and critical minerals in Nevada, USA, Ontario, Canada and, most recently, Canada’s most recent discovery of a diamond-containing kimberlite pipe at its Northway Project. VR applies modern exploration techniques and leverages in-house experience and expertise in greenfield exploration for large footprint mineral systems in unexplored areas/regions. The foundation of VR is the Board’s track record in early-stage exploration, discovery, and mergers and acquisitions. The company’s mineral exploration and corporate liabilities are financed. VR owns its properties outright and is constantly evaluating new opportunities, whether through staking or acquisition.

On behalf of the Board of Directors:

“Justin Daly“
_______________
Justin Daly, MSc, PGeo
President and CEO

For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Contact: Justin Daly, 604-865-5119; Email: jdaley@vrr.ca

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Forward-looking statements

This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, assume and similar expressions or that by their nature refer to future events. Forward-looking statements in this release include, but are not limited to, the following: the general use of proceeds and that the Company will complete the financing; The company will conduct exploration for its properties in Ontario this winter.

Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will be accurate, and actual results and future events may differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance, and that actual results may differ materially from those in the forward-looking statements. Trading in the Company’s securities should be considered highly speculative.

The Company’s public disclosure filings may be accessed at www.sedar.com and readers are encouraged to review the materials.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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