Vanadiumcorp files for final approval of $1.6M financing

Vancouver, British Columbia – TheNewswire - May 3, 2023 – VanadiumCorp Resource Inc. (TSXV:VRB) (OTC:APAFF) (FSE:NWN) (the "Company”) is pleased to report its previously announced non-brokered private placement financing (the “Financing”) of up to $1.5 million has been increased to $1,632,940 and the Company has filed documents with the TSXV Exchange (“Exchange”) seeking final approval to close the Financing. The Financing consists of 16,329,400 units (“Units”), with each Unit priced at $0.10 per Unit for gross proceeds of $1,632,940. Each Unit consists of one common share of the Company and one common share purchase warrant, each warrant entitling the holder to acquire an additional common share at an exercise price of $0.18 for a period of two years.

Subject to Exchange approval, cash finders’ fees in the amount of $24,400 will be paid and 244,000 non-transferable broker warrants will issued on the same terms as the Unit warrants. Seven (7) insiders of the Company have subscribed for 3,879,400 Units for proceeds of $387,940, which participation is 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.

All securities issued pursuant to the Financing will be subject to a four (4) month hold from date of issue. Net proceeds from the Financing will be used for exploration and metallurgical testing on the Company’s wholly owned mineral properties, procurement for the Company’s previously announced first electrolyte manufacturing facility and general corporate purposes. About VanadiumCorp Resource Inc. VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB).

The Company's initial manufacturing facility is based in Val-des-Sources, Québec. Stable, long-term access to vanadium feedstock for the electrolytes is assured, contingent on successful development of our wholly-owned vanadium-titanium-iron mineral deposits. Our flagship project is the Lac Doré property near Chibougamau, Québec.

An introduction to the Company by our Executive Chairman, Ian Mallory, can be viewed as a Greenshoe Media Group video at: VanadiumCorp Resource Inc. Paul McGuigan, P. Geo. Director, Chief Executive Officer pjm@vanadiumcorp.com Company website: www.vanadiumcorp.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates.

In general, forward-looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected", "budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorp's relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances.

A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended.

Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp 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 by applicable securities laws.

The forward-looking statements contained herein are expressly qualified by this disclaimer. END - Copyright (c) 2023 TheNewswire - All rights reserved.