- Valdor Technology (VTI) has entered into a binding letter of intent with 100175307 Ontario Ltd.
- This completes Valdor’s acquisition of all the issued and outstanding common shares from 100175307’s shareholders
- 100175307 is a party to a letter of intent where it will have the option to acquire a 90-per-cent interest in and to mining rights in South America
- Valdor will issue an aggregate of 72 million common shares at a price of $0.10 per share for $7.2 million
- Shares of Valdor Technology (VTI) remain unchanged at $0.045
Valdor Technology (VTI) has entered into a binding letter of intent with 100175307 Ontario Ltd.
The letter of intent, dated Dec. 1, 2022, pertains to the acquisition by Valdor of 100175307’s issued and outstanding shares.
100175307 is also party to a letter of intent granting it the option to acquire a 90-per-cent interest for mining rights located in South America.
Under the terms of the transaction, Valdor Technology is to issue an aggregate of 72 million shares priced at $0.10 for total aggregate consideration of $7.2 million.
Additionally, it is projected that common shares will be subject to voluntary hold periods based on the following:
- 50 per cent of the consideration shares will be subjected to a voluntary six-month hold period once the transaction closes
- The remaining 50 per cent of the shares will be subject to a voluntary 12-month hold period once the closing is complete
Valdor also expects to conduct a private placement financing for gross proceeds of at least $2.5 million. The price per unit will be no less than $0.10.
Based out of Vancouver, BC, Valdor Technology has an operating subsidiary based near San Francisco, California that assembles optic fiber components and specializes in the design, manufacture and sale of passive fiber optic equipment.
Shares of Valdor Technology (VTI) remain unchanged at $0.045.