ValOre Metals Corp. (“ValOre”, or the “Company”) (TSX-V:VO,
OTC:KVLQF, Frankfurt: KEQ) today announced that based on
significant investor demand, the Company has increased the size of
the previously announced “best efforts” private placement (the
“
Offering”) from C$7,000,000 to up to C$9,000,000
from the sale of up to 15,000,000 flow-through units of the Company
to be sold to charitable purchasers (the “
Charity
FT Units”) at a price of C$0.60 per
Charity FT Unit (the “
Offering Price”).
Each Charity FT Unit will consist of one common
share of the Company to be issued as a “flow-through share” within
the meaning of the Income Tax Act (Canada) (each, a “FT
Share”) and one half of one common share purchase warrant
(each whole warrant, a “Warrant”). Each whole
Warrant shall entitle the holder to purchase one common share of
the Company (each, a “Warrant Share”) at a price
of C$0.65 at any time on or before that date which is 24 months
after the closing date of the Offering.
Red Cloud Securities Inc. (the
“Agent”) is acting as sole agent and bookrunner
under the Offering. The Agent will have an option, exercisable up
to 48 hours prior to the closing date of the Offering, to sell up
to 3,333,333 additional Charity FT Units at the Offering Price for
additional gross proceeds of up to C$2,000,000. The Company shall
pay to the Agents a cash commission equal to 6.0% of the gross
proceeds of the Offering. In addition, the Company shall issue to
the Agents warrants of the Company exercisable for a period of 24
months, to acquire in aggregate that number of common shares of the
Company which is equal to 6.0% of the number of Charity FT Units
sold under the Offering at an exercise price equal to the Offering
Price.
ValOre intends to use the proceeds raised from
the Offering for exploration work on ValOre’s Angilak Property
Uranium Project in Nunavut Territory, which hosts the Lac 50 Trend
(“Lac 50”) Inferred Resource of 2,831,000 tonnes grading 0.69%
U3O8, totaling 43.3 million pounds U3O8 .* Comprehensive
exploration programs have demonstrated Angilak’s "District Scale"
potential, with drill-confirmed uranium mineralization established
along 40 kilometres of prospective geological trend, and multiple
un-drilled targets property-wide.
The gross proceeds from the issuance of the FT
Shares will be used for “Canadian Exploration Expenses” within the
meaning of the Income Tax Act (Canada) (the “Qualifying
Expenditures”), which will be renounced with an effective date no
later than December 31, 2021, to the purchasers of the Charity FT
Units in an aggregate amount not less than the gross proceeds
raised from the issue of the FT Shares. If the Qualifying
Expenditures are reduced by the Canada Revenue Agency, the Company
will indemnify each subscriber of Charity FT Units for any
additional taxes payable by such subscriber as a result of the
Company’s failure to renounce the Qualifying Expenditures.
The Offering is scheduled to close on or about
November 16, 2021, and is subject to the receipt of all necessary
regulatory and other approvals, including, but not limited to, the
listing of the FT Shares and Warrant Shares on the TSX Venture
Exchange. The FT Shares and Warrant Shares will be subject to a
hold period of four months and one day from the closing date in
accordance with applicable securities laws.
About ValOre Metals Corp.
ValOre Metals Corp.
(TSX‐V: VO) is a
Canadian company with a portfolio of high‐quality exploration
projects. ValOre’s team aims to deploy capital and knowledge on
projects which benefit from substantial prior investment by
previous owners, existence of high-value mineralization on a large
scale, and the possibility of adding tangible value through
exploration, process improvement, and innovation.
In May 2019, ValOre announced the acquisition of
the Pedra Branca Platinum Group Elements (PGE) property, in Brazil,
to bolster its existing Angilak uranium, Genesis/Hatchet uranium
and Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 51
exploration licenses covering a total area of 55,984 hectares
(138,339 acres) in northeastern Brazil. At Pedra Branca, 5 distinct
PGE+Au deposit areas host, in aggregate, a current Inferred
Resource of 1,067,000 ounces 2PGE+Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (CLICK HERE for ValOre’s July
23, 2019 news release). All the currently known Pedra Branca
inferred PGE resources are potentially open pittable.
Comprehensive exploration programs have
demonstrated the "District Scale" potential of ValOre’s Angilak
Property in Nunavut Territory, Canada that hosts the Lac 50 Trend
having a current Inferred Resource of 2,831,000 tonnes grading
0.69% U3O8, totaling 43.3 million pounds U3O8. *For disclosure
related to the inferred resource for the Lac 50 Trend uranium
deposits, please CLICK HERE for ValOre's news release
dated March 1, 2013.
ValOre’s team has forged strong relationships
with sophisticated resource sector investors and partner Nunavut
Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold
Properties. ValOre was the first company to sign a comprehensive
agreement to explore for uranium on Inuit Owned Lands in Nunavut
Territory and is committed to building shareholder value while
adhering to high levels of environmental and safety standards and
proactive local community engagement.
On behalf of the Board of Directors,
“Jim Paterson”
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about ValOre Metals
Corp., or this news release, please visit our website
at www.valoremetals.com or contact Investor Relations at
604.653.9464, or by email at contact@valoremetals.com.
ValOre Metals Corp. is a proud member of
Discovery Group. For more information please
visit: http://www.discoverygroup.ca/
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains “forward-looking
statements” within the meaning of applicable securities laws.
Although ValOre believes that the expectations reflected in its
forward-looking statements are reasonable, such statements have
been based on factors and assumptions concerning future events that
may prove to be inaccurate. These factors and assumptions are based
upon currently available information to ValOre. Such statements are
subject to known and unknown risks, uncertainties and other factors
that could influence actual results or events and cause actual
results or events to differ materially from those stated,
anticipated or implied in the forward-looking statements. A number
of important factors including those set forth in other public
filings could cause actual outcomes and results to differ
materially from those expressed in these forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include the
future operations of ValOre and economic factors. Readers are
cautioned to not place undue reliance on forward-looking
statements. The statements in this press release are made as of the
date of this release and, except as required by applicable law,
ValOre does not undertake any obligation to publicly update or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise. ValOre
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of ValOre, or its
financial or operating results or (as applicable), their
securities.
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