ValOre Announces Upsize of Brokered Private Placement to up to C$9.0 Million

VANCOUVER, British Columbia, Oct. 26, 2021 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”, or the “Company”) (TSX-V:VO, OTC:KVLQF, Frankfurt: KEQ) today announced that based on significant investor demand, the Company has increased the size of the previously announced “best efforts” private placement (the “Offering”) from C$7,000,000 to up to C$9,000,000 from the sale of up to 15,000,000 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”).

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.

Red Cloud Securities Inc. (the “Agent”) is acting as sole agent and bookrunner under the Offering. The Agent will have 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.

ValOre intends to use the proceeds raised from the Offering for exploration work on ValOre’s Angilak Property Uranium Project in Nunavut Territory, which hosts the Lac 50 Trend (“Lac 50”) Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U₃O₈ .* Comprehensive exploration programs have demonstrated Angilak’s "District Scale" potential, with drill-confirmed uranium mineralization established along 40 kilometres of prospective geological trend, and multiple un-drilled targets property-wide.