ValOre Closes Oversubscribed $2.9 Million Private Placement
August 30 2022 - 5:47PM
ValOre Metals Corporation (“ValOre”,
or the “Company”) (TSX-V: VO,
OTC: KVLQF, Frankfurt: KEQ) today announced the closing of
the non-brokered private placement financing
(the
“Offering”) disclosed on August 19, 2022. ValOre issued
7,440,000 units (“Units”) at a price of $0.40 per Unit for gross
proceeds of $2,976,000. Each Unit will consist of one common share
(a “
Share”) in the capital of ValOre and one-half
of one non-transferable common share purchase warrant (each whole
common share purchase warrant being a “
Warrant”).
Each Warrant will be exercisable to acquire one Share at a price of
CDN$0.60 per Share for a period of 24 months, expiring August 30,
2024.
ValOre intends to use the net proceeds raised
from the Offering for additional exploration work on ValOre’s
Angilak Property uranium project in Nunavut Territory, Canada and
the Company’s Pedra Branca palladium platinum project in Brazil, as
well as for general working capital.
All securities issued under this placement are
subject to TSXV and securities regulatory legends expiring on
December 31, 2022. Finders’ fees of $3,840 and 9,600 Warrants were
issued to various finders under the Placement. The finders’
warrants have the same terms and conditions as the Warrants issued
to the subscribers under the Placement.
Certain insiders of ValOre acquired Units in the
Offering. Any participation by insiders in the Offering constitutes
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 insider participation is 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 not exceed
25% of the Company's market capitalization. There are no material
facts or material changes regarding the Company that have not been
generally disclosed.
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.
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: 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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