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Valor Resources Limited (ASX: VAL) (“Valor” or the “Company”) is pleased to announce that it has successfully completed a bookbuild and secured commitments from existing and new high net worth investors to subscribe for 309,090,090 new fully paid ordinary shares in the Company (New Shares) at a price of A$0.011 per New Share to raise proceeds of A$3.4 million (Placement) before costs. The placement was arranged and managed by the Company’s Broker, CPS Capital Group Pty Ltd (“CPS”).
- The Company has secured commitments for a A$3.4m placement via CPS Capital.
- Proceeds from the Placement will be used to undertake:
- exploration activities at the Company’s Peru Picha Project;
- non-exploration expenses for the Canadian Projects; and
- for general working capital purposes.
- Interpretation of 2021 exploration activities being finalised including drill plan targeting a September quarter start date.
USE OF PROCEEDS
The funds raised in the Placement allow for the Company to continue to undertake exploration activities at the Company’s Peru Picha Project, to fund non-exploration expenses for the Canadian Projects and for general working capital purposes. Funds were raised in the Company’s recent flow through funding in November 2021 for its Canadian projects. The Company is now well funded for all of its projects in Canada and Peru.
This article includes content from Valor Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.