Valorem Acquires Wing Shear Property in Newfoundland
VANCOUVER, British Columbia, Jan. 05, 2021
VALOREM RESOURCES INC. (“
VALU” or the “
Company“) (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that further to its news release dated December 17, 2020, it has entered into and closed a definitive mineral property option agreement dated January 4, 2021 (the “
Option Agreement”) with WBN Prospecting Group, an arm’s length party (the “
Optionor”) to acquire a 100% interest in the Wing Shear property (the “
Property”) located in central Newfoundland, Canada.
The terms of the Option Agreement call for cash payments of $45,000 within five days of signing the agreement, $3,000,000 work commitments over 3 years, reimbursement of $13,130 in staking fees and the issuance of 4.5 million shares of the Company over a period of one year, plus a 10% finder’s fee payable in cash and shares. The Property is subject to a 2% royalty (NSR) with an option to buy ba
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Valorem Acquires Regional Scale Project in Newfoundland and Arranges Private Placement
Valorem Resources Inc.December 17, 2020 GMT
VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) VALOREM RESOURCES INC. (“VALU” or the “Company”) (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) to acquire a 100% interest in the Wing Shear Zone property (the “Property”) located in central Newfoundland, Canada and it is arranging a non-brokered private placement of securities (the “Private Placement”).
The term of the LOI call for cash payments of $45,000 on signing, $3,000,000 work commitments over 3 years and the issuance of 4.5 million shares of the Company over a period of two years, plus a 10% finder’s fee. The Property is subject to a 2% royalty (NSR) with an option to buy back 1.5% for $1 million.