13 June 2023
Vancouver, British Columbia, June 13, 2023 – ValOre Metals Corp. TSX?V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, (“ValOre” or the “Company”) today announced that all required regulatory, shareholder and court approvals for the sale of ValOre’s Angilak Property in Nunavut Territory to Labrador Uranium Inc. (the “Transaction”, as noted in ValOre’s news release on May 23, 2023), have been received and the closing of the Transaction is anticipated to occur on June 19, 2023.
Upon closing of the Transaction, the 100,000,000 common shares of Labrador Uranium Inc. (the “Labrador Shares”) issued to ValOre as part of the consideration for the Transaction will be distributed (the “Labrador Share Distribution”) as a return of captial, pro rata, to the shareholders of ValOre as of a June 19, 2023 record date. It is expected that the holder of each ValOre common share would receive approximately 0.575 common shares of Labrador pursuant to the Labrador Share Distribution, with any such fractional shares being rounded down to the nearest whole number. As disclosed in ValOre’s news release dated March 14, 2023, the Labrador Shares will be subject to a hold period expiring on August 6, 2023.
The Due Bill Period will run from June 16, 2023 to June 20, 2023, inclusively, such that trades of common shares of ValOre that are executed up until market close on June 20, 2023 will be identified to ensure purchasers receive the Labrador Share Distribution. Trades of common shares of ValOre on or after June 21, 2023 will not be entitled to participate in the Labrador Share Distribution.