Vanadiumcorp Resource Inc. (TSXV:VRB) announced the increase of its previously announced, non-brokered private placement, from 12,606,060 units and gross proceeds of C$800,000 to 16,562,816 Units with gross proceeds now totaling C$1 Million. The Company also announced the closing of the 1st tranche of the Placement for gross proceeds of C$904,955, totaling 14,744,635 Units consisting of 10,044,635 non-flow-through units at C$0.055 per Unit; and 4,700,000 flow-through units at C$0.075 per FT Unit.

As quoted in the press release:

The FT Units issued under the Placement were sold on a flow-through basis pursuant to the Income Tax Act (Canada) and purchased primarily by institutional investors. The common shares issued under the placement are subject to a four-month hold period that expires on November 14, 2014. A cash fee equal to 8 per cent of the gross proceeds was paid as a finder’s fee in respect of a portion of the proceeds raised.

Click here to read the Vanadiumcorp Resource Inc. (TSXV:VRB) press release