- Valor Resources (VAL) successfully completes its share placement and raises $5.4 million through the issue of 319 million shares priced at 1.71 cents
- This price represents a seven per cent premium to Valor’s closing price of 1.6 cents on November 22
- Valor is using the money to accelerate and expand exploration activities across the Hook Lake and Cluff Lake projects in Canada
- Drilling is set to begin at Hook Lake in January 2022 with camp construction to commence in December
- Valor is up 6.25 per cent on the market with shares trading at 1.7 cents
Valor Resources (VAL) has successfully completed its share placement and raised $5.4 million through the issue of 319 million shares priced at 1.71 cents.
This price represents a seven per cent premium to Valor’s closing price of 1.6 cents on November 22 and a four per cent discount to the 15-day volume-weighted average price.
CPS Capital Group acted as advisor and will receive a corporate advisory fee of $6000 per month for a minimum of 12 months as well as a 4.5 per cent management fee of the total proceeds.
Valor will use the money to accelerate and expand exploration activities across its projects in the Athabasca Basin, Saskatchewan, Canada.
Up to 5000 metres of diamond drilling will be undertaken at the Hook Lake project and 2500 metres will be undertaken at the Cluff Lake project.
Executive Chairman George Bauk commented on the placement.
“The flow-through funding completed this week has provided the company with the funds to aggressively advance the projects in 2022 with the first key activity being the Hook Lake drilling program which is set to commence in early January,” Mr Bauk said.
“Camp construction is scheduled for early December 2021 and we are currently finalising the selection of a drilling contractor.”
“We have put the effort in to ensure we have designed the drilling program to target our highest priority targets.”
Valor was up 6.25 per cent on the market with shares trading at 1.7 cents at 12:35 pm AEDT.