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ValOre Metals Enters Into Definitive Agreement to Sell 100% Interest in Angilak Property to Labrador Uranium
VANCOUVER, British Columbia, March 14, 2023 (GLOBE NEWSWIRE) -- ValOre Metals Corp. TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, (“ValOre” or the “Company”) today
About this update from Valore Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 14, 2023 (GLOBE NEWSWIRE) -- ValOre Metals Corp. TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, (“ValOre” or the “Company”) today announced that it has entered into a definitive agreement (the “Definitive Agreement”) with Labrador Uranium Inc. (“Labrador”) whereby ValOre has agreed to sell to Labrador (the “Transaction”) a 100% interest in ValOre’s Angilak Property uranium project in Nunavut Territory (the “Angilak Property”) for consideration comprised of: (i) CDN$3,000,000 in cash, and (ii) 100,000,000 common shares of Labrador, which shares represent a value of CDN$40,000,000, calculated using the volume weighted average price of the Labrador common shares for the 10-day period immediately prior to entering into the aforementioned Definitive Agreement. It is intended that the Transaction be completed by way of plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (British Columbia). The 100,000,000 common shares of Labrador issued to ValOre as consideration for the Angilak Property will be distributed, pro rata, to the shareholders of ValOre at closing of the Transaction, as a return of capital. As a condition to closing of the Transaction, Labrador will complete a subscription receipt financing (the (“Labrador Financing”) on a “bought deal basis” of a combination of flow through funds (at between CDN$0.42 and CDN$0.525 per subscription receipt) and non flow through funds (at CDN$0.35 per subscription receipt) for gross proceeds of not less than CDN$12 million, with a minimum of CDN$4 million of such funds being raised on a non flow through basis. Upon closing of the Transaction, the subscription receipts will convert to units of Labrador. In the case of flow through funds, the units will consist of a one common share and a one-half of a common share purchase warrant exercisable at CDN$0.50 for a period of three years and in the case of non flow through funds, the units will consist of a one common share and a one full three year common share purchase warrant exercisable at CDN$0.50 per share for a period of three years. All securities of Labrador issued pursuant to the Labrador Financing will have a statutory hold period of four (4) months plus one day from the date of issuance of the subscription receipts. The common shares of Labrador issued as consider...