ValOre Provides Update on Previously Announced Re-Pricing of Options and Warrants

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VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today announced an update to its previously announced option and warrant re-pricing following the successful disposition of its Angilak Property on June 19, 2023.

The TSV Venture Exchange (the “TSXV”) has confirmed that it will accept for filing, subject to satisfaction of its policies, a repricing of ValOre’s convertible securities so as to reflect the new value of ValOre’s equity after completion of its disposition of the Angilak Property, with the exercise price of such securities being adjusted to equal the volume weighted average trading price of the common shares of ValOre on the TSXV from June 21, 2023, to June 29, 2023, being $0.10 (i.e. $0.0987). The new exercise price for both options and warrants will be $0.10.

The repricing is with respect to 11,700,000 stock options and 22,069,166 warrants, with 9,166,666 of such warrants having an exercise price of $0.65 expiring November 17, 2023; 3,720,000 warrants with an exercise price of $0.60 expiring August 30, 2024; and the 9,182,500 warrants with an exercise price of $0.30 expiring April 21, 2025.

The re-pricing of the options and warrants remains subject to TSXV approval and, as applicable, (i) entering into warrant amendment agreements with the warrant holders, or with respect to those 9,166,666 warrants governed by a warrant indenture dated November 17, 2021, the approval of a supplemental warrant indenture at a meeting of the warrant holders to be called by ValOre.

Certain options and warrants are held by insiders and related parties, and as such, 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, such actions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the options and / or warrants, exceeds 25 per cent of the ValOre’s market capitalization.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming 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 and innovation.