Jangada Mines plc (‘Jangada’ or ‘the Company’), a natural resources company, is pleased to announce that is has sold 7,000,000 of its ValOre Metals Corp. (‘ValOre’; TSX‐V:VO) common shares at C$0.25 per share for total gross proceeds of C$1,750,000.
Jangada’s remaining shareholding position in ValOre now stands at 15,500,000 common shares, which is equivalent to 17.14% of the total basic common ValOre shares outstanding.
The funds from the ValOre share sale will be used to further advance the Company’s Pitombeiras Vanadium Project (‘ Pitombeiras’) . Jangada will provide an update on the next stages of Pitombeiras shortly.
Brian McMaster, Executive Chairman of Jangada, said: “The funds from the ValOre share sale will be used to further advance our Pitombeiras Vanadium Project, where we are currently working to define our maiden JORC resource following a highly successful drill campaign.
We remain very supportive of ValOre and our remaining significant shareholding continues to give us excellent exposure to the upside of ValOre’s exciting Pedra Branca Platinum Group Elements Project, located adjacent to our Pitombeiras Project, as they start their core drilling programme.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
