- Valor Resources (VAL) taps investors for $3.4 million in a “heavily oversubscribed” share placement to help fund work at its projects in Peru and Canada
- Following a $5.4 million capital raising in December, the company secured commitments for from new and existing shareholders for the issue of 309.09 million shares at 1.1 cents each
- Valor says drilling has begun at its Hook Lake uranium project in Canada, and permitting is under way for exploration to begin at Cluff Lake
- The fresh capital will also go towards exploration activities at its Picha copper-silver project in Peru
- VAL shares 10.7 per cent lower at 1.3 cents
Valor Resources (VAL) has tapped investors for $3.4 million in a “heavily oversubscribed” share placement that will help fund work at its projects in Peru and Canada.
The company said it completed a bookbuild and secured commitments from existing and new shareholders for just over 309 million Valor shares at 1.1 cents each, representing a 23 per cent discount to the 15-day volume-weighted average price to February 9 of 1.42 cents.
It comes after Valor’s recent $5.4 million capital raising through the Canadian Flow Through Scheme for direct exploration expenditure on its Canadian uranium exploration portfolio.
Executive Chairman George Bauk said drilling has kicked off and an airborne gravity survey has been scheduled for April at the Hook Lake uranium project in Canada.
Data compilation for the Cluff Lake project was well advanced along with permitting allowing for exploration to commence in the June quarter.
Over in Peru, Valor’s Peruvian subsidiary Kiwanda SAC holds the rights to the Picha and Corona copper-silver exploration projects.
With the fresh capital, VAL plans to undertake exploration activities at Picha following completion of sampling, mapping and geophysical surveys last year. Drilling was slated for the September quarter.
VAL shares were trading 10.7 per cent lower at 1.3 cents at 12:04 pm AEDT.