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.