CleanTech Vanadium Mining plans $500,000 private placement

CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) announced a non-brokered private placement to raise up to $500,000 through the sale of up to 5,000,000 units at $0.10 per unit.

Each unit consists of one common share and one transferable warrant, which allows the holder to purchase one additional share at $0.15 per share for three years from the date of issuance.

Company insiders are expected to subscribe for up to 4,000,000 units, representing up to $400,000 of the total offering. The company said the insider participation qualifies as a related-party transaction under Multilateral Instrument 61-101 but expects to rely on exemptions from minority shareholder approval and formal valuation requirements, as the transaction value is not anticipated to exceed 25% of the company's market capitalization. The company said it will file a material change report in connection with the related-party transaction.

The offering remains subject to approval from the TSX Venture Exchange, among other conditions. Securities issued under the offering will be subject to a statutory hold period of four months and one day under Canadian securities laws.

CleanTech said proceeds will be used for general working capital purposes. The Vancouver-based company holds an option to acquire more than 17,550 acres of mineral rights in the Illinois-Kentucky Fluorspar District and owns a 100% interest in the Gibellini Vanadium Mine Project in Nevada.

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