Business
ValOre Metals Provides Update on Pedra Branca Transaction
Not For Distribution To United States Newswire Services Or For Dissemination In The United States VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) --
About this update from Valore Metals Corp.
[{"type":"text","content":" Not For Distribution To United States Newswire Services Or For Dissemination In The United States VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (TSX‐V: VO) (\"ValOre\") today provided an update on the previously announced transaction (see ValOre news release, dated May 28, 2019) whereby ValOre has agreed to acquire the Pedra Branca Project in Brazil from Jangada Mines PLC (the “Acquisition”). ValOre plans an equity financing for gross proceeds of not less than C$3,000,000 (the \"Financing\") to fund transaction costs of the Acquisition, exploration expenditures on the Pedra Branca project and for general working capital. The terms of the Financing are as follows: a minimum of 12 million units (the “Units”) will be sold at a price of C$0.25 per Unit, with each Unit consisting of one new ValOre common share (the “Shares”) 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 from the date of the closing of the Financing. A portion of the proceeds may be escrowed pending closing of the Acquisition. Finders fees may be payable on funds raised as part of the Financing, consisting of a 3% cash commission and 6% finders warrants, with the finder’s warrants having the same terms as the Warrants issued as part of the Unit offering. Insiders of ValOre may also participate in the Financing. 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 (“MI 61-101”). ValOre intends to rely on the exemptions from the requirements of MI 61-101 in respect of any insider participation. Completion of the Financing is subject to acceptance by the TSX Venture Exchange. Upon closing of the Acquisition, Jangada will have the right to appoint up to two (2) members to ValOre’s Board of Directors for a two (2) year term. The two directors chosen by Jangada to join ValOre’s board of directors are both seasoned industry professionals: Mr. Brian McMaster, Jangada’s Executive Chairman, and Mr. Luis Azevedo, Jangada director and a Brazilian national. The term may be extended if mutually agreed in writing by ValOre, Jangada and each of the nominee board members. ValOre ha...