ValOre Closes $2.9 Million First Tranche of Previously Announced $3.5 Million Private Placement
11 April 2023 - 7:37AM
ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTCQB: KVLQF;
Frankfurt: KEQ0, the “Company”) today announced the
closing of a first tranche, in the amount of $2.918 million for
14,590,000 Units, of the previously announced (See ValOre news on
April 5, 2023) non-brokered private placement (the "Offering") of
up to 17,500,000 (the "Units") at a price of CDN$0.20 per Unit for
gross proceeds of up to CAD$3,500,000.
Each Unit consists of one common share in the
capital of the Company (a “Share”) and one-half of one
non-transferable common share purchase warrant (each whole common
share purchase warrant, a “Warrant”). Each whole Warrant is
exercisable to acquire one Share at an exercise price of CDN$0.30
per Share for a period of 24 months from the date of issuance.
With the Closing of this tranche of the
Offering, ValOre’s Chairman & CEO, James Paterson has acquired
14,590,000 Units in the Offering and an aggregate shareholding of
31,296,333 (18.59%). Mr. Paterson shall not be entitled to exercise
any Warrants of ValOre if this exercise would cause his aggregate
shareholdings to exceed 20% of the Company’s outstanding voting
securities following the exercise of such Warrants, unless the
shareholders of the Company have approved of Mr. Paterson becoming
a Control Person (as defined in the policies of the TSX Venture
Exchange).
Participation of Mr. Paterson in the Offering
would constitute a "related party transaction" as defined under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”).
However, such participation is exempt from the formal valuation and
minority shareholder approval requirements of MI 61-101 as neither
the fair market value of the Units subscribed for, nor the
consideration paid for the Units, exceeds 25% of the Company's
market capitalization.
No finder’s fees are payable on the
Offering.
Closing of the Offering is subject to approval
of the final acceptance of the TSX Venture Exchange.
The securities issued under the Offering, and
any Shares that may be issuable on exercise of any such securities,
will be subject to a statutory hold period expiring four months and
one day from the date of issuance of such securities.
About ValOre
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.
The Pedra Branca Platinum Group Elements (PGE)
Project comprises 52 exploration licenses covering a total area of
56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra
Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022
NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6
Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated
March 24, 2022). All the currently known Pedra Branca inferred PGE
resources are potentially open pittable.
ValOre’s Angilak Property in Nunavut Territory,
Canada, hosts the Lac 50 Trend – a 2013 NI 43-101 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.
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
Offering may not close on the terms and timing currently
anticipated, or at all; the Offering (including use of proceeds)
may not receive approval of the TSX Venture Exchange on the terms
currently contemplated, or at all; 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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