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ValOre Metals Announces Closing of Upsized $4,100,000 Non-Brokered Private Placement

Not for distribution to United States newswire services or for dissemination in the United States.

VANCOUVER, British Columbia, Oct. 08, 2024 (GLOBE NEWSWIRE) -- ValOre Metals Corp. ("ValOre" or the "Company") (TSXV:VO, OTCQB:KVLQF, FRANKFURT: KEQ0)) today announced the closing of its upsized non-brokered private placement financing which was previously announced in the Company's press release dated September 19, 2024 and update regarding insider participation on September 25, 2024. ValOre issued 55,220,294 units (the "Units") at a price of $0.075 per Unit for gross proceeds of $4,141,522.05 (the "Offering").   All monetary figures in Canadian Dollars.

Each Unit consisted of one common share (a "Share") in the capital of the Company and one transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one Share at a price of CDN$0.10 per Share for a period of 36 months from the date of issuance subject to an acceleration clause.

If the 20-day volume-weighted average trading price of the Shares as quoted on the TSX-V is equal to or greater than $0.15 at the close of any trading day, then the Company may, at its option, accelerate the expiry date of the Warrants by issuing a press release (a "Warrant Acceleration Press Release") announcing that the expiry date of the Warrants shall be deemed to be on the 30th day following the issuance of the Warrant Acceleration Press Release (the "Accelerated Expiry Date"). All Warrants that remain unexercised following the Accelerated Expiry Date shall immediately expire and all rights of holders of such Warrants shall be terminated without any compensation to such holder.

ValOre intends to use the net proceeds raised from the Offering for exploration on ValOre's 100% owned Pedra Branca Platinum Group Elements Project in northeastern Brazil, as well as for general working capital.

Finders' fees of $1,200 and 16,000 warrants were paid to Haywood Securities Inc, $1,485 and 19,800 warrants were paid to Canaccord Genuity Corp, $6,300 and 84,000 warrants were paid to CIBC, $2,475 and 33,000 warrants were paid to Red Cloud Securities Inc. The finders' Warrants have the same terms and conditions as the Warrants issued to the subscribers under the Offering, except that they are not ...