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Vanadium One Energy Announces Closing of Private Placement Financing

Vanadium One Energy Corp. has completed a non-brokered private placement financing. Pursuant to the financing, the company issued 4,636,454 flow-through common shares of the company at a price of 11 cents per share for proceeds to the company of $510,009.94. The 11-cent issue price is at a 47-per-cent premium to the current market price for the company's shares. The company intends to use the proceeds from the private placement for exploration on certain properties in Quebec and British Columbia.

 

All securities issued in connection with the financing are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws. A portion of the financing constitutes a related party transaction under Multilateral Instrument 61-101 as a director of the company participated in the financing. The financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to the closing of the financing as the details of the participation of the related parties of the company had not been confirmed at that time.

 

A cash fee was paid to finders representing 6 per cent of the gross proceeds raised in the financing.

 

About Vanadium One Energy Corp.

 

Vanadium One is a mineral exploration and development company. Its registered office is located in downtown Toronto, Canada, with its operational office located in Burlington, Ont., Canada.

 

 

ON BEHALF OF THE BOARD OF DIRECTORS OF VANADIUM ONE ENERGY CORP.

 

W. John Priestner

President and Chief Executive Officer

 

Media Contact:

 

Name: W. John Priestner

Title: President & Chief Executive Officer

Phone: 1-647-932-1604

Email address: info@vanadiumone.com

 

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This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment.

 

Richard Mills has based this document on information obtained from sources he believes to be reliable but which has not been independently verified.

 

Richard Mills makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Richard Mills only and are subject to change without notice. Richard Mills assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission.

 

Furthermore, I, Richard Mills, assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information provided within this Report.

 

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