On June 20, 2023, ValOre announced that the sale of its Angilak Property in Nunavut Territory, Canada, to Labrador Uranium Inc. (the "Transaction", as previously announced in ValOre's news releases on March 14, 2023 and June 13, 2023) had closed.
ValOre received CAD$3,000,000 cash consideration for the transaction and 100,000,000 common shares of Labrador Uranium Inc., which were distributed to the shareholders of ValOre, pro rata. Labrador Uranium Inc. is listed on the Canadian Securities Exchange (trading symbol LUR) and the Labrador shares received pursuant to the transaction are subject to a hold period expiring on August 6, 2023.
Jim Paterson, ValOre's Chairman & CEO stated, "With the closing of the Angilak Property transaction, ValOre's team can now focus on advancing its 100% owned Pedra Branca Platinum Group Elements project in Brazil while our shareholders gain share ownership in a well-financed, pure-play uranium exploration company that is led by a board of directors with an enviable track record in the uranium sector."