ValOre Metals Announces Brokered Private Placement for up to C$7.0 Million

About this update from Valore Metals Corp.

[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”, or the “Company”) (TSX-V:VO, OTC:KVLQF, Frankfurt: KEQ) today announced the entering into an agreement with Red Cloud Securities Inc. (the “Agent”) to act as sole agent and bookrunner for the sale of up to 11,666,667 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”) on a “best efforts” basis under a private placement for gross proceeds of up to C$7,000,000 (the “Offering”). 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. ValOre has granted to the Agent 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 aggregate 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. The Company intends to use the proceeds raised from the Offering for future exploration work on ValOre’s Angilak Property Uranium Project in Nunavut Territory. 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, t...

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