Thanks to a rich new funding runway, Valor’s heavily oversubscribed placement via CPS Capital means exploration is on at the Peru Picha Copper-Silver Project, where an Indicated and Inferred resource of near 13Mt of gold awaits.
The placement saw high net worth investors subscribe for 309,090,090 fully paid ordinary shares at A$0.11 per new share, also allowing Valor (ASX:VAL) to fund non-exploration expenses for its Canadian Uranium projects in the Athabasca Basin as well as for general working capital.
This now means the junior uranium explorer is well-funded for all its projects in Canada and Peru.
Drilling activities underway
“The company has commenced drilling and is planning an airborne gravity survey in April on the Hook Lake Project,” Valor executive chairman George Bauk said.
At Cluff Lake, data compilation is continuing along with permitting before exploration kicks off in the June quarter.
“At the other five uranium projects in the Athabasca Basin, data compilation has also commenced,” he said.
“The uranium sector continues to strengthen with Cameco recently announcing plans to recommence mining at its McArthur River/Key Lake in Saskatchewan, Canada by 2024.”
Environmental studies ongoing
Bauk said 2021 was an “exciting time” for Valor, with many samples taken over the entire 20 square kilometre project area.
“The year was completed with an induced polarisation/resistivity and ground based magnetic survey and this, along with the other data collected will be compiled into an interpretation with drilling proposed to begin in the September Quarter,” he said.
In the past week Valor started environmental studies on the project area and increased its landholding from 20km to more than 200km.
“Whilst we are finalising our plans for the upcoming drilling program, we will commence exploration activities on the recently granted concessions surrounding the Picha Project,” he said.
Placement details
The new shares will be issued at A$0.011, which represents a 21% discount to the last closing price of Valor shares on February 9, 2022, of A$0.014 per share.
It also represents a 23% discount to the 15-day volume weighted average price of Valor shares to February 9, 2022, of A$0.0142 per share.
CPS managing director Jason Peterson said the company is proud to continue its association with Valor.
“We are pleased to have arranged the funding and to see the placement was in such high demand,” he said.
This article was developed in collaboration with Valor Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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