Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Valor Resources Limited    VAL   AU000000VAL6

VALOR RESOURCES LIMITED

(VAL)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 01/15
0.007 AUD   +27.27%
01/15VALOR RESOURCES : ASX Price Query
PU
2020VALOR RESOURCES : Notice of Annual General Meeting/Proxy Form
PU
2020VALOR RESOURCES : AGM Letter to Shareholders
PU
SummaryChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Valor Resources : Update on Projects & Date of Annual General Meeting

11/08/2020 | 08:08pm EST

ASX Release

9 November 2020

VALOR RESOURCES LIMITED ACN 076 390 451

22 Lindsay Street

PERTH, WA

Australia

Tel: +61 8 9200 3467

Fax: +61 8 9200 4469

Contact:

Mr George Bauk

Executive Chairman

E-mail:

george@totode.com.au

Directors

Mr George Bauk

Mr Brian McMaster

Ms Paula Smith

Mr Gary Billingsley

ASX Code:

VAL

UPDATE ON PROJECTS &

DATE OF ANNUAL GENERAL MEETING

Update on the Acquisition of Canada Uranium Projects

As announced on 22 October 2020, Valor Resources Limited ("Valor" or the "Company") has entered into a binding term sheet ("Agreement") to acquire 100% of the issued capital of Pitchblende Energy Pty Ltd ("Pitchblende") the holder of interests in two uranium projects located in Saskatchewan, Canada ("Projects"). As detailed in the announcement, the transaction is subject to customary conditions precedent including due diligence in respect of Pitchblende and the Projects by Valor in its absolute discretion, a definitive agreement being entered into by the parties and shareholder and other regulatory approvals including the ASX being received. Valor has received confirmation from the ASX that the terms of the transaction are acceptable and consistent with Chapter 11 of the ASX Listing Rules and it will not require Valor to re-comply with Chapters 1 and 2 of the ASX Listing Rules provided that:

  • Valor obtains relevant shareholder approvals for the issues of securities described above;
  • the terms of grant of performance rights are acceptable to ASX in terms of Listing rule 6.1 and Guidance Note 19:
  • the terms of issue of the Adviser Options are acceptable to ASX under LR 12.5; and
  • Valor provides a 24-month budget that demonstrates Valor's intention to continue to expend funds and progress its existing Peruvian projects (subject to access constraints arising from COVID-19) which was provided with the ASX Announcements dated 22 October 2020.

Valor is currently attending to the conditions precedent and will advise Shareholders further as matters progress.

Update on Peruvian Projects

As previously announced, Valor had completed the documentation required to transfer the entities which hold rights to the Berenguela Project back to SSR Mining Limited (SSR) on terms where the consideration for the transfer is the release and discharge of Valor's acquisition obligations including the release of outstanding amounts of USD $10.8m owed to SSR and relevant security interests. Settlement of the transfer has now completed and Valor has no further interests in the Berenguela Project.

Valor's continues to holds the rights to the Picha & Berenguela South Projects located in the Moquegua Department of Peru through its 100% owned Peruvian subsidiary, Kiwanda SAC. Valor intends to continue its focus on developing the exploration potential of its 100% owned Berenguela South and Picha Projects

Page | 1

however during the quarter a strict Covid-19lock-down regime was applied in Peru preventing any substantive mining exploration activities being undertaken. Desktop studies have continued with the emphasis on facilitating a re-start of field activities as soon as circumstances allow.

Annual General Meeting Update

Valor had previously anticipated being in a position to hold its Annual General Meeting on 30 November 2020 however due to the additional time required to prepare the Notice of Meeting to incorporate the resolutions required under the Pitchblende Acquisition, it is expected that the Annual General Meeting will now be held in early January 2021. Further updates will be provided shortly.

This announcement has been authorised for release by the Board of Directors.

For further information, please contact:

Mr George Bauk, Executive Chairman

Email: george@totode.com.au

Phone: + 61 408 931 746

About Valor Resources

Valor Resources Limited (ASX:VAL) ("Valor" or "the Company") is an exploration company focussed on creating shareholder value through acquisitions and exploration activities. The Company is focussed on two key projects as outlined below in Peru and Canada.

Valor's 100% owned Peruvian subsidiary, Kiwanda SAC holds the rights to the Picha & Berenguela South Projects located in the Moquegua Department of Peru, 17km ENE of the Chucapaca (San Gabriel - Buenaventura) gold deposit. They are two copper-silver exploration projects comprising fourteen granted mining concessions for a total of 6,900 hectares.

On completion of the acquisition of Pitchblende, Valor will:

  1. have the right to earn an 80% working interest in the Hook Lake Uranium Project located 60km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralisation; and
  2. own a 100% equity interest in 18 contiguous mineral claims covering 60,296 hectares in northern Saskatchewan. The property is located 7km east of the former-producing Cluff Lake Uranium Mine and much of the project area is located within the Carswell geological complex that hosts the Cluff Lake Mine.

Ends - - - - - - - - -

Page | 2

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Valor Resources Ltd. published this content on 09 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2020 01:07:02 UTC


© Publicnow 2020
All news about VALOR RESOURCES LIMITED
01/15VALOR RESOURCES : ASX Price Query
PU
2020VALOR RESOURCES : Notice of Annual General Meeting/Proxy Form
PU
2020VALOR RESOURCES : AGM Letter to Shareholders
PU
2020VALOR RESOURCES : Date of AGM & Closing Date for Director Nominations
PU
2020VALOR RESOURCES : Date of AGM & Updated Closing Date for Director Nominations
PU
2020VALOR RESOURCES : Amended Appendix 3B
PU
2020VALOR RESOURCES : Amendment to Terms of Acquisition of Uranium Projects
PU
2020VALOR RESOURCES : Update on Projects & Date of Annual General Meeting
PU
2020VALOR RESOURCES : Quarterly Activities Report
PU
2020VALOR RESOURCES : Quarterly Cashflow Report
PU
More news
Financials
Sales 2020 - - -
Net income 2020 -3,09 M -2,38 M -2,38 M
Net cash 2020 0,62 M 0,48 M 0,48 M
P/E ratio 2020 -1,25x
Yield 2020 -
Capitalization 13,4 M 10,4 M 10,4 M
EV / Sales 2019 1 194 176x
EV / Sales 2020 -
Nbr of Employees -
Free-Float 56,3%
Chart VALOR RESOURCES LIMITED
Duration : Period :
Valor Resources Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers and Directors
NameTitle
George Bauk Executive Chairman
Paula Smith Cowan Secretary & Non-Executive Director
Brian Keith McMaster Non-Executive Director
Gary L. Billingsley Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
VALOR RESOURCES LIMITED40.00%10
BHP GROUP10.35%167 742
RIO TINTO PLC8.70%135 240
ANGLO AMERICAN PLC9.86%49 351
GRUPO MÉXICO, S.A.B. DE C.V.4.85%34 742
FRESNILLO PLC-3.72%10 893