Business
Valorem Resources Provides Update on Expiration of Halt Trade Order and Update on BC Projects
VANCOUVER, British Columbia, May 26, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1) confirms that th
About this update from Avanti Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, May 26, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1) confirms that the halt trade order previously issued by the British Columbia Securities Commission (“BCSC”) on April 30, 2021 expired at the close of business on May 21, 2021. The Company confirms that it will continue to work with the BCSC to assist in its efforts to review the unauthorized third-party claims about the Company’s assets. At the request of the BCSC and the Canadian Securities Exchange (“CSE”), the Company is providing additional details on its recently acquired property located in the Cariboo District, British Columbia (the “BC Property”). As previously announced on January 29, 2021, Valorem acquired the BC Property by way of a three-cornered amalgamation, whereby the Company acquired all of the issued and outstanding share capital of 1267818 B.C. Ltd., the owner of the BC Property. As consideration for the BC Property, the Company issued a total of 30,000,000 common shares (the “Consideration Shares”) to 11 (and not 5 as previously announced) arm's-length shareholders of 1267818 B.C. Ltd. at an attributed value of $0.155 per consideration share, or an aggregate attributed purchase price value of $4,650,000. The Company confirms that it has filed a revised Form 9 – Notice of Proposed Issuance of Securities with the CSE in connection with the acquisition, to clarify the recipients of the Consideration Shares. A copy of the revised filing is available under the profile for the Company on the CSE website at (www.thecse.com). The consideration for the BC Property was negotiated by arm's-length parties and took into consideration various factors including, without limitation, the historical acquisition prices of the BC Property, the prevailing market price of gold per ounce, the trend of gold commodity prices and gold-based assets, and the form of consideration in lieu of cash. The Company did not take into consideration any work done on the BC Property by previous owners in negotiating the purchase price. As disclosed by 1267818 B.C. Ltd. to the Company during the due diligence process, 1267818 B.C. Ltd. had previously acquired the BC Property from MegumaGold Corp. in return for a debt forgiveness of $100,000 owing by MegumaGold Corp. to 1267818 B.C. Ltd. The BC Property com...