ValOre Metals Provides Update on Private Placement
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the United States.
ValOre Metals Provides Update on Private Placement
Vancouver, B.C. – September 25, 2024 ValOre Metals Corp. (“ValOre” or the “ Company”)
(TSX-V: VO; OTCQB: KVLQF ; FRANKFURT: KEQ0 ) announced that between September 19 th
and 24th, the CEO of the Company has sold an aggregate of 33,653,000 common shares of the
Company from his personal holdings, for net aggregate proceeds of approximately $2,000,000.
The CEO of the Company is expected to use the proceeds generated from the sale of these
shares to subscribe for an aggregate of approximately 26,650,000 newly issued treasury
securities of the Company under its previously announced private placement offering of Units at
a price of CDN$0.075 per Unit (refer to press release dated September 19, 2024). Each Unit will
consist of one common share (a “ Share“) in the capital of the Company and one 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$0.10 per
Share for a period of 36 months from the date of issuance subject to an acceleration clause.
The Company is seeking to raise up to a total amount of $3,562,500 under the Offering and such
subscription is expected prior to the closing of the Offering which is expected to occur on or before
October 4, 2024. All securities issuable pursuant to the Offering, including the Shares, if any,
issuable on the exercise of the Warrants are subject to a four month and one day hold period from
the date of issuance in accordance with applicable Canadian securities laws.
Upon purchase of the Units by the CEO at closing, insider participation will be in excess of 25%
of the private placement. The issuance of securities to the CEO pursuant to the Private Placement
will be considered to be a "related party transaction" subject to the requirements of TSXV Policy
5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation
and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI
61-101 on the basis that amount invested in the private placement by the insiders will not exceed
25% of the Company's market capitalization.
Closing will be subject to receipt of all required consents and approvals, including acceptance of
the TSX Venture Exchange.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX‐ V: VO) is a Canadian company with a team aiming 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 and innovation.
ValOre’s Pedra Branca Platinum Group Elements Project comprises 45 exploration licenses
covering a total area of 51,096 hectares (126,260 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. ValOre’s team believes the Pedra
Branca project has significant exploration discovery and resource expansion potential. ( CLICK
HERE to download 2022 technical report* and CLICK HERE for news release dated March 24,
2022).
*The 2022 Technical Report is entitled “Independent Technical Report –Mineral Resource Update
on the Pedra Branca PGE Project, Ceará State, Brazil” was prepared as a National Instrument
43-101 Technical Report on behalf of ValOre Metals Corp. with an effec tive date of March 08,
2022. The 2022 Technical Report by Independent qualified persons, Fábio Valério (P.Geo.) and
Porfirio Cabaleiro (P.Eng.), of GE21, commissioned to complete the mineral resource estimate
while Chris Kaye of Mine and Quarry Engineering Services Inc. (MQes), was commissioned to
review the metallurgical information. The Mineral Resource estimates were prepared in
accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic
and mining parameters appropriate to the deposit. Mineral Resources, which are not mineral
reserves, do not have demonstrated economic viability, and may be materially affected by
environmental, permitting, legal, marketing, and other relevant issues. Mineral Resources are
based upon a c ut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t, and were
limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and
economic parameters as disclosed in the 2022 NI 43-101 Technical Report,
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., please visit www.valoremetals.com or contact
Investor Relations by email at [email protected]. Or via telephone 1-778-773-9882
ValOre Metals Corp. is a proud member of Discovery Group. 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 c ould 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.