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ValOre Metals Closes CDN$1,771,750 First Tranche of Private Placement
VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (TSX‐V: VO) ("ValOre") today announced the closing of the first tranche of th
About this update from Valore Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (TSX‐V: VO) (\"ValOre\") today announced the closing of the first tranche of the previously announced private placement (the “Placement”) see ValOre news releases, dated June 6, 2019 and July 16, 2019). Pursuant to this financing, ValOre has issued 7,087,000 Units at a price of $0.25 per Unit for gross proceeds of $1,771,750. Each Unit consists of one ValOre common share (“Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will be exercisable into one Share for C$0.35 per Share for a period of two years expiring August 6, 2021. Gross proceeds will be used to fund costs of the Pedra Branca Platinum Group Metals acquisition (the “Transaction”), exploration expenditures on ValOre’s projects and working capital. Sufficient funds have been committed by investors to exceed the minimum C$3-million financing amount necessary to close the Transaction. The Placement will close in multiple tranches, and insiders of ValOre will participate. Any insider participation will be considered to be a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. ValOre Chairman and CEO, James Paterson, (a related party as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)) participated in the Private Placement and acquired an aggregate of 4,100,000 Units. This portion of the Private Placement constituted a related party transaction for the purposes of TSX Venture Exchange Policy 5.9 and MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25% of the Company’s market capitalization. The Private Placement was unanimously approved by the directors of the Company, with Mr. Paterson disclosing his interests and abstaining from voting with respect thereto. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement...