representative work

Labrador Uranium to Acquire Angilak Property for $43 Million


On March 13, 2023, Labrador Uranium Inc. entered into a definitive arrangement agreement with ValOre Metals Corp., pursuant to which Labrador Uranium will acquire ValOre’s Angilak Property located in Nunavut Territory, Canada, by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). As consideration for the acquisition of the Angilak Property, Labrador Uranium will pay to ValOre $3 million in cash and issue 100,000,000 common shares of Labrador Uranium for deemed transaction value of approximately $43 million. The common shares of Labrador Uranium comprising the consideration will be distributed to holders of common shares of ValOre on a pro rata basis.

In connection with the acquisition, Labrador Uranium also entered into an earn-in agreement with ValOre pursuant to which, among other things, ValOre has granted Labrador Uranium to option to acquire up to a 10% interest in the Angilak Property by funding mineral exploration expenditures in the aggregate amount of up to $3.5 million on or before the first anniversary of the Earn-in Agreement. Any Expenditures funded by Labrador Uranium will be used by ValOre to fund the upcoming exploration program on the Angilak Property that is expected to commence in April 2023 with initial deliveries of fuel.

Cassels is acting for Labrador Uranium.