November 18, 2021
ValOre Metals Corp. (TSXV:VO, Not Rated, David A. Talbot) announced the closing of a private placement financing for gross proceeds of C$11M, after being upsized from C$7M. Under the offering, the company issued ~18.33M charity flow-through units at C$0.60/unit. Each unit comprised one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one common share at C$0.65/sh over a two-year period. The funds are expected to be used for exploration at ValOre’s 100%-owned Angilak uranium project in Nunavut. Angilak is a well-advanced, data-rich project which has seen expenditures over C$55M since its spin-out from Kaminak. The key feature is the Lac 50 trend – a 15km by 3km area which contains an inferred resource of ~43M lb U3O8 at ~0.69% U3O8, representing one of the highest-grade uranium deposits outside the Athabasca Basin. Importantly, the main deposit has only been tested to 400m depths and remains open in several directions, making it an excellent prospect for future resource growth. Angilak also hosts eleven pre-resource targets throughout the ~50,000 ha property with high-grade uranium drill intercepts, and we expect additional targets could arise pending ValOre’s drill target review program (read more). Read more