Valor raises exploration funds
PERTH (miningweekly.com) – Explorer Valor Resources will raise A$3.4-million in a share placement to fund exploration in Peru and Canada.
The company on Monday said it had received firm commitments from existing and new high net worth investors for 309.09-million shares, at a price of 1.1c each, to raise gross proceeds of A$3.4-million.
The offer price represented a 21% discount to Valor’s last closing price on February 9, and a 23% discount to its 15-day volume weighted average share price. The new shares will be issued under the company’s existing placement capacity, and will not require shareholder approval.
“This funding provides the company with the ability to progress both the Canadian uranium projects and the Peruvian Picha copper/silver project. In December the company raised A$5.4-million through the Canadian flow through scheme for direct exploration expenditure on the Canadian uranium exploration portfolio,” said executive chairperson George Bauk.
“The company has commenced drilling and is planning an airborne gravity survey in April on the Hook Lake project. At Cluff Lake, data compilation is well advanced along with permitting allowing for exploration to commence in the June quarter. At the other five uranium projects in the Athabasca basin, data compilation has commenced. This week Cameco announced plans to recommence mining at its McArthur River/Key Lake operations by 2024.”
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