ValOre Announces $3.6 Million Private Placement
January 29 2021 - 5:00PM
ValOre Metals Corp. ("ValOre" or the “Company”) (TSX
Venture Exchange: VO) today announced the intent to
complete a non-brokered private placement (the "Offering") of up to
12,000,000 units (the "Units") at a price of CDN$0.30 per Unit for
gross proceeds of up to CDN$3,600,000. Each Unit will consist 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 will be exercisable to acquire one Share at an exercise
price of CDN$0.45 per Share for a period of 24 months from the date
of issuance.
Certain insiders of the Company may acquire
Units in the Offering. Any participation by insiders in the Private
Placement 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, the Company expects such participation
would be exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 as the fair market value of the
Units subscribed for by the insiders, nor the consideration for the
Units paid by such insiders, would exceed 25% of the Company's
market capitalization.
ValOre intends to use the net proceeds of the
Offering to conduct mineral exploration at ValOre’s projects in
Canada and ValOre’s 100% owned Pedra Branca Platinum Group Element
(“PGE”) project in Brazil, in addition to general working capital
purposes.
The Company may pay finder’s fees on a portion
of the Offering, subject to compliance with the policies of the TSX
Venture Exchange and applicable securities legislation.
Closing of the Offering is subject to approval
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.
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 38
exploration licenses covering a total area of 38,940 hectares
(96,223 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 (see 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 refer to ValOre's news release of 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 toll free at 1.888.331.2269, 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: 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.
Cautionary Statement Regarding Forward-Looking Information
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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