Valorem Resources Inc. (CNSX:VALU) entered into a Letter of intent to acquire Regency Mining Limited for $0.5 million on July 31, 2022. As for consideration, a refundable cash payment of US $150,000, which is refundable within 30 days if the LOI is terminated (paid), cash payment of US $250,000 on or prior to July 31, 2022 ($125,000 paid), and of $100,000 upon execution of a Definitive Agreement and Issue of 45,714 common shares. As on December 20, 2022, Valorem Resources Inc. (CNSX:VALU) completed the acquisition of Regency Mining Limited for $3.61 million.

Pursuant to the terms of the Agreement, the Company acquired all of the issued and outstanding Recency Shares from the Regency Shareholders in consideration for, on a pro rata basis, a cash payment of US$100,000 and the issuance of an aggregate of 16,000,000 common shares (each, a “Share”) in the capital of the Company at a deemed price of $0.29 per Share. Janan Paskaran and team of Torys LLP acted as legal advisor to Regency Mining Limited and its shareholders in this transaction.