On March 14, 2023, ValOre Metals Corp. announced a definitive agreement to sell its 100% interest in the Angilak Property uranium project to Labrador Uranium Inc. The transaction, valued at CDN$43 million, includes CDN$3 million in cash and 100 million Labrador common shares, valued at CDN$40 million. This deal will be executed through a plan of arrangement under British Columbia's Business Corporations Act, with Labrador shares distributed to ValOre's shareholders as capital return.

Labrador will undertake a subscription receipt financing, raising at least CDN$12 million, split between flow-through funds (CDN$0.42 to CDN$0.525 per receipt) and non-flow-through funds (CDN$0.35 per receipt). The financing includes issuance of common shares and warrants, subject to a four-month hold period. Labrador's shares issued for the Angilak Property will also have a corresponding hold period.

The transaction's completion depends on several conditions: regulatory approvals, Labrador financing, approval from two-thirds of ValOre shareholders, Supreme Court of British Columbia's orders, and standard closing conditions. It's unanimously approved by ValOre's Board and expected to close in the second quarter of 2023. Canaccord Genuity Corp. provided a fairness opinion, confirming the financial fairness of the deal.

In preparation for the transaction, ValOre and Labrador have an earn-in agreement, allowing Labrador to finance up to $3.5 million in exploration to earn a 10% interest in Angilak Property. Additionally, ValOre plans a private placement financing of up to CDN$5 million before the transaction's closure. The complete terms and conditions will be detailed in ValOre's management information circular.