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Valor Resources offers 400 million options to share placement participants

The company has copper, silver, manganese and zinc resources at the Berenguela Project in Peru.
Berenguela project
Valor has initiated a pre-feasibility study at Berenguela

Valor Resources Ltd (ASX:VAL) is offering up to 400 million new options to the participants of its recent share placement which raised $3 million.

READ: Valor Resources raises $3 million from high-quality investors

Investor options offer - Valor is offering up to 280 million new options to eligible participants (sophisticated investors) as part of their participation in the placement.

Director options offer - The company is also offering up to 20 million new options to the directors who participated in the placement.

Lead manager offer - 100 million new options will be offered to CPS Capital as consideration for services provided by CPS Capital in respect of the placement.

Opportunity to raise up to $4.5 million

No funds will be raised through the issue of the options as the options are attaching to the placement shares.

However, if all of the options are exercised, Valor will receive about $4.5 million.

Each option entitles the holder to subscribe for one share upon exercise of the option. The options are exercisable at any time on or before December 31, 2021 at 1.5 cents each.

READ: Valor Resources moving to the next stage in Peru after positive scoping study results

The company’s recent scoping study on the Berenguela Project in Peru has concluded that the project is positive, enabling the company to initiate a pre-feasibility study (PFS).

The scoping study utilised part of the project’s measured and indicated resource in a shallow open pit mine with a low strip ratio. Importantly, no inferred resources were utilised in the study.

Valor expects to complete the drill program and geotechnical study within calendar year 2018. Metallurgical test work remains on-going and compliments the process design phase.

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