Valorem Resources Inc. announced a non-brokered private placement of up to 15,625,000 units at a price of CAD 0.16 per unit for gross proceeds of CAD 2,500,000 on August 30, 2022. Each unit consists of one common share of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share in the capital of the company for a period of two years from the closing date at an exercise price of CAD 0.21 per warrant share.

The transaction may includes participation from insiders investors. All securities issued in connection with the Offering will be subject to a four month hold from the closing date. The company may pay finder's fees may be payable in connection with the Offering in accordance with the policies of the Canadian Securities Exchange.