First Vanadium Announces up to $6,000,000 Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2021) - First Vanadium Corp. (TSXV: FVAN) (OTCQB: FVANF) (FSE: 1PY) ("First Vanadium" or the "Company") announces that it proposes to undertake a non-brokered private placement of up to 15,000,000 units (the "Units") at a price of $0.40/Unit to raise total gross proceeds of up to $6,000,000 (the "Offering"). Each Unit will be comprised of one common share and one-half (0.5) of one warrant. Each whole warrant will entitle the holder thereof to purchase one common share for a period of 3 years at a price of $0.55.
The gross proceeds received from the sale of the Units will be used for work programs on the Company's exploration properties and for general working capital.
The Company may pay finders' fees comprised of cash and/or non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the Offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
Neither 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.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the Company's ability complete the proposed non-brokered private placement financing on the terms as described above. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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