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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.