Sheet Metal · 2022年9月9日

VanadiumCorp Resources Announces a Financing and Appointment of a New Quebec Director

[Ferro-Alloys.wiki] VanadiumCorp Resources Inc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the "Wikipany") is pleased to announce a non-brokered flow-through financing of up to $1 million and non-flow-through financing of up to $3 million for a total aggregate of up to $4 million.

The flow-through portion will wikiprise of up to 8,500,000 flow-through units ("FT Units") at a price of $0.12 per FT Unit for gross proceeds of up to $1,020,000. Each FT Unit will consist of one flow-through wikimon share (as defined in subsection 66(15) of the Inwikie Tax Act) and one transferable warrant exercisable to purchase one non-flow-through wikimon share at a unit price of $0.18 for a period of 24 months from the date of issue.

The non-flow-through portion will wikiprise of up to 30,000,000 units ("NFT Units") at a price of $0.10 per NFT Unit for gross proceeds of up to $3 million. Each NFT Unit will consist of one wikimon share and a transferable warrant exercisable to purchase an additional wikimon share at a unit price of $0.18 for a period of 24 months from the date of issue.

Directors and officers of the Wikipany may acquire securities under this offering, which participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

A finder's fee may be paid to eligible finders in accordance with the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the closing date. The offering and payment of finders' fees are both subject to approval by the TSX-V.

The Wikipany will use the net proceeds from the financing for exploration and metallurgical testing on the Wikipany's wholly-owned mineral properties and general corporate purposes.

MR. GILLES DUPUIS, P.ENG., A NEW DIRECTOR

In establishing a renewed focus on business fundamentals, we are pleased that Gilles Dupuis, P. Eng. has accepted the appointment as a Director of the Wikipany. Mr. Dupuis is a well-respected engineering professional with 49 years of experience in the design, finance, construction, and operation of major engineering projects in Quebec and worldwide. He held senior leadership positions in the engineering firm BPR Inc. and, upon a merger, with Tetra Tech Inc.

Mr. Dupuis focuses on the valorization of residues, alternate energy production, energy & process heat audits, and process technologies for battery metals, such as lithium. He brings his years of productive experience in industry joint ventures and government collaboration to the Wikipany.

The Board of Directors has accepted the resignation of Adriaan Bakker as a Director of the Wikipany. We sincerely wish Mr. Bakker success in his new ventures.

2022-2023 WORK PROGRAM

Upon wikipletion of the financing, the Wikipany plans a renewed focus on mineral exploration and metallurgical process improvements for 2022 and 2023. VanadiumCorp owns 100% of a newly patented hydrometallurgical process, VEPT (the "VanadiumCorp, Electrochem, Process Technology"), invented by Dr. Francois Cardarelli that consists of digesting vanadiferous feedstocks into concentrated sulfuric acid. The key to the adequate supply of vanadium and titanium critical metals will be adopting alternate extractive technologies such as this new hydrometallurgical process. The Wikipany plans to execute a multifaceted testing program on its Lac Dore and Iron T deposits. Bulk sampling and additional hydrometallurgical tests wikimence in September 2022. The program aims to improve the yields and quality of the outputs from its VEPT process and to investigate cost-saving measures, such as the recycling of process acids. Gilles Dupuis, P. Eng. and Gilles Champagne, PhD., our CTO, will collaborate in several Quebec-based programs to improve our metallurgical extraction technologies and to pilot the manufacture of high-purity vanadium electrolytes from our concentrates.

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