Labrador Uranium Inc. (CNSX:LUR) entered into an agreement to acquire Angilak Property located in Nunavut Territory, Canada from ValOre Metals Corp. (TSXV:VO) for CAD 43 million on March 13, 2023. ValOre will receive CAD 3,000,000 in cash and 100,000,000 common shares of LUR at a deemed price of CAD 0.40 per share.

As of April 5, 2023, Labrador Uranium has appointed John Jentz as Chief Executive Officer, Philip Williams will be stepping down as Interim Chief Executive Officer, effective immediately but will continue to serve as Executive Chairman and a Director of the Company. In addition to shareholder and court approvals, closing of the Arrangement is conditional upon the completion of the Concurrent Private Placement (as described below), receipt of applicable regulatory and stock exchange approvals and the satisfaction of certain other closing conditions customary in transactions of this nature. The Arrangement Agreement has been unanimously approved by the Board of Directors of each of LUR and ValOre, including, in the case of ValOre, following, among other things, the receipt of the unanimous recommendation of a special committee of independent directors of ValOre.

Canaccord Genuity provided an opinion to the Board of Directors of ValOre. Under the terms of the Arrangement Agreement, LUR and ValOre have agreed to nominate two directors of ValOre, one of which shall include Mr. Jim Paterson, the current Chairman and Chief Executive Officer of ValOre, for election to the Board of Directors of LUR at the next annual general and special meeting of holders of LUR Shares (the “LUR AGM”), which is anticipated to be held during the second quarter of 2023, such election to be conditional upon completion of the Arrangement. In addition, at the LUR AGM, LUR will also seek approval from LUR shareholders to authorize LUR to change its name to “Latitude Uranium Inc.” (the “Name Change”), conditional upon completion of the Arrangement.

As of May 15, 2023, ValOre Metals shareholders approved the acquisition. As of April 5, 2023; Labrador Uranium Inc. has closed the Concurrent Private Placement of gross proceeds CAD 12.566 million, which will be used to complete the 2023 exploration program of the Angilak Property and for working capital and general corporate purposes. On May 17, 2023, ValOre received the final approval of the Supreme Court of British Columbia for the Transaction.

As of June 13, 2023 regulatory approval has been received. The transaction is expected to close in the second quarter of 2023. As of June 13, 2023, The closing of the Transaction is anticipated to occur on June 19, 2023.

Lawson Lundell LLP acted as Nunavut counsel to LUR. Farris LLP acted as legal advisor to ValOre Metals Corp. Canaccord Genuity Corp.

acted as financial advisor and provided fairness opinion to ValOre Metals Corp. Cathy Mercer, Tera Li Parizeau and Davit Akman of Cassels Brock & Blackwell LLP acted as legal advisors for LUR.