ValOre Announces $3.6 Million Private Placement

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VANCOUVER, British Columbia, Jan. 29, 2021 (GLOBE NEWSWIRE) -- ValOre Metals Corp. ("ValOre" or the “Company”) (TSX Venture Exchange: VO) today announced the intent to complete a non-brokered private placement (the "Offering") of up to 12,000,000 units (the "Units") at a price of CDN$0.30 per Unit for gross proceeds of up to CDN$3,600,000. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.45 per Share for a period of 24 months from the date of issuance.

Certain insiders of the Company may acquire Units in the Offering. Any participation by insiders in the Private Placement would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).

However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Units subscribed for by the insiders, nor the consideration for the Units paid by such insiders, would exceed 25% of the Company's market capitalization.

ValOre intends to use the net proceeds of the Offering to conduct mineral exploration at ValOre’s projects in Canada and ValOre’s 100% owned Pedra Branca Platinum Group Element (“PGE”) project in Brazil, in addition to general working capital purposes.

The Company may pay finder’s fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.

Closing of the Offering is subject to approval of the TSX Venture Exchange.

The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.

About ValOre

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.