ValOre Announces Upsize of Brokered Private Placement to up to C$9.0 Million
ValOre Announces Upsize of Brokered Private Placement to up to C$9.0 Million
Vancouver, B.C. – October 26, 2021 – 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 aggregat e 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, inclu ding, 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 G roup 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 a cres) 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% U 3O8, totaling 43.3 million pounds U 3O8. *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
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 obl igation 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.