Kivalliq Announces Share Consolidation and Name Change to ValOre Metals Corp.
June 13 2018 - 4:05PM
Kivalliq Energy Corporation (TSX-V:KIV)
(“Kivalliq” or “the Company”) today announced
a proposed consolidation of the common shares of the Company on the
basis of ten (10) pre-consolidation shares for one (1) post
consolidation share (the “Consolidation”). In conjunction with the
Consolidation, the Company's name will be changed to ValOre Metals
Corp.
Currently, a total of 247,246,731 common shares
are issued and outstanding. Upon Consolidation, a total of
approximately 24,724,673 common shares will be issued and
outstanding, with no maximum number of authorized common shares.
The proposed Consolidation and name change has been approved by
Kivalliq's board of directors, however, this transaction is subject
to TSX Venture Exchange Approval.
Upon receipt of all necessary approvals,
Computershare Trust Company of Canada (“Computershare”) will mail
letters of transmittal to the shareholders providing instructions
on exchanging pre-Consolidation share certificates for Post –
Consolidation share certificates. At that time, shareholders are
encouraged to send their share certificates, together with their
letter of transmittal, to Computershare in accordance with the
instructions in the letter of transmittal.
The effective date of the Consolidation and name
change will be disclosed in a subsequent news release. In
accordance with current TSX Venture Exchange policies, shareholder
approval will not be required for the proposed consolidation or
name change.
The Company is currently reviewing several
potential financing alternatives in order to take advantage of the
Company’s improved capital structure post-Consolidation. The
Company will issue appropriate disclosure as required.
About Kivalliq Energy
Corporation
Kivalliq Energy Corporation (TSX-V:KIV) is a
Vancouver-based company with a portfolio of high-quality uranium
and precious metal exploration projects in Canada. In addition to
the new Baffin Gold Property, Kivalliq holds Canada’s highest-grade
uranium resource outside of Saskatchewan. The Company’s flagship
project, the Angilak Property in Nunavut Territory, hosts the Lac
50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes
grading 0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq’s
comprehensive exploration programs continue to demonstrate the
“District Scale” potential of the Angilak Property. For disclosure
related to the inferred resource for the Lac 50 Trend uranium
deposits, please refer to Kivalliq’s news release of March 1,
2013.
In Saskatchewan, Kivalliq holds a 100% interest
in the Hatchet Lake Property adjacent to the north-eastern margin
of the highly prolific uranium-producing Athabasca Basin.
Compilation of results from previous exploration by Hathor
Exploration Limited and Rio Tinto have identified multiple,
priority unconformity-related basement targets at Hatchet Lake.
Kivalliq also holds a 50% interest in the
Genesis Property located northeast of Saskatchewan’s Athabasca
Basin, with Roughrider Exploration Limited funding the current
exploration program pursuant to an option to acquire up to an 85%
interest in the property. This highly prospective project is
located along the Wollaston-Mudjatik trend and extends 90
kilometres northeast from Wollaston Lake to the Manitoba
border.
Kivalliq’s team of northern exploration
specialists has forged strong relationships with sophisticated
resource sector investors and partner Nunavut Tunngavik Inc. (NTI)
on both the Angilak and Baffin Gold Properties. Kivalliq was the
first company to sign a comprehensive agreement to explore for
uranium on Inuit Owned Lands in Nunavut Territory, Canada and is
committed to building shareholder value while adhering to high
levels of environmental and safety standards and proactive local
community engagement.
On behalf of the Board of Directors
"Jim Paterson"
James R. Paterson, Chairman and CEO
Kivalliq Energy CorporationFor further
information about, Kivalliq Energy Corporation or this news
release, please visit our website
at www.kivalliqenergy.com or contact Investor Relations
toll free at 1.888.331.2269, at 604.646.4527, or by email
at info@kivalliqenergy.com.
Kivalliq Energy Corporation is a member of the Discovery Group
of Companies, for more information please visit
www.discoverygroup.ca.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain disclosures in this release constitute
forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to Kivalliq's operations
as a mineral exploration company that may cause future results to
differ materially from those expressed or implied in such
forward-looking statements, including risks as to the completion of
the plans and projects. Readers are cautioned not to place undue
reliance on forward-looking statements. Other than as required by
applicable securities legislation, Kivalliq expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events,
or otherwise.
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