Valor Resources Ltd (ASX:VAL) (FRA:LFY) has received strong validation of its projects and exploration strategy with supporters buying the entire stake of a major shareholder through a special crossing sale.
SSR Mining Limited (SSR), vendor of the relinquished Berenguela Project in Peru, has arranged the special crossing sale for its 247,288,034 ordinary fully paid shares representing 8.73% of Valor’s capital.
Strong support
This sale at $0.006 per share has been strongly supported by Valor’s existing shareholders with the company’s broker, directors and existing shareholders participating.
Late last year Valor completed and settled the transfer of the entities which hold rights to the Berenguela Project back to SSR.
Terms for the transfer were the release and discharge of Valor's acquisition obligations including the release of outstanding amounts of US$10.8 million owed to SSR and relevant security interests.
Following settlement of the transfer, SSR had no further project interests with the company and as a result, wished to sell its major shareholding.
Valor’s broker CPS Capital has now arranged a special crossing trade for SSR to sell 100% of its shareholding.
Directors participate
Directors have subscribed for shares from the special crossing with executive chairman George Bauk subscribing for 15 million and non-executive director Brian McMaster for 20 million.
The balance of the shares will be subscribed by existing Valor shareholders, which highlights the strong support and sentiment for the company’s current projects.
Focus on Peru and Canada
Valor is focused on two key projects in Peru and Canada.
Peruvian subsidiary Kiwanda SAC holds the rights to the Picha & Berenguela South Projects in the Moquegua Department of Peru, 17 kilometres ENE of the Chucapaca (San Gabriel-Buenaventura) gold deposit.
They are two copper-silver exploration projects comprising 14 granted mining concessions for a total of 6,900 hectares.
Valor is also the 100% owner of Pitchblende, which holds the following interests:
- Right to earn an 80% working interest in the Hook Lake Uranium Project 60 kilometres 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
- 100% equity interest in 18 contiguous mineral claims covering 60,296 hectares in northern Saskatchewan. The property is 7 kilometres east of the former-producing Cluff Lake Uranium Mine and much of the project area is within the Carswell geological complex that hosts the Cluff Lake Mine.