ValOre Metals Corp (OTCMKTS:KVLQF) Stock Falls After News
Yesterday, ValOre Metals Corp (OTCMKTS:KVLQF) was in focus after it provided an update with regards to the sale of its interest in the Angilak Property uranium project located in Nunavut Territory. The sale had been made to Labrador Uranium Inc.
ValOre Announces Final Court Approval of Sale of Angilak Property to Labrador Uranium
The company had made the announcement with regards to the sale on May 15 and furthermore, the company’s shareholders had also overwhelmingly supported the transaction. On May 17, ValOre Metals Corp reported that it had got the approval of the Supreme Court of British Columbia for the transaction to go through. Yesterday, the company announced that the transaction would go through in the upcoming weeks.
The company added that the precise closing date of the transaction would be announced by the company through a press release at least 5 trading days ahead of the closing date. Once the transaction is closed as many as 100,000,000 common shares in Labrador would be distributed to the shareholders on a pro-rated basis as a return of capital. The distribution would only be made to those shareholders who whole ValOre Metals Corp shares on the record date that would be determined by the company later on.