Vanadium One Iron Announces Private Placement

Company Making Strong Progress on Development at Its Mont Sorcier Project in Quebec

TORONTO, ON / ACCESSWIRE / May 3, 2021 / Vanadium One Iron Corp. (the “Company”) (TSXV:VONE), announces a proposed non-brokered private placement financing for aggregate gross proceeds to the Company of approximately $2,000,000 (the “Offering“) of Flow-Through common share units (‘FT Units’). The FT Units are priced at $0.425. Each unit will consist of one common share in the capital of the Company plus one half of a common share purchase warrant. Each full warrant will entitle its holder to purchase one additional common share at an exercise price of $0.425 for a period of 2 years from the closing date of the private placement. There can be no assurance that the Offering will be completed, whether in whole or in part.

The Company has agreed to pay a cash finder’s fee (the “Finder’s Fee”) in an amount equal to 6.0% of the gross proceeds of the Offering and that number of non-transferable compensation warrants (the “Compensation Warrants”) equal to 6.0% of the number of Flow-Through Units offered, Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Issuer at a price of $0.425 for a period of 2 years following the Closing Date.

Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange and the securities regulatory authorities. All securities issued by the Company in connection with the Offering will be subject to a statutory four month hold period.

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