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