Vior Adds To Property Package At Skyfall
MONTREAL, CANADA, September 09, 2022 – VIOR INC. (“Vior” or the “Corporation”), (TSX-V: VIO, OTCQB: VIORF and FRANKFURT: VL51) is pleased to announce that it has executed a Purchase Agreement (the “Agreement”) with Osisko Mining Inc. (“Osisko”), a non arms-length party, to acquire from Osisko a 100-percent interest in 83 claims covering approximately 4,682 hectares next to its Skyfall project, in consideration for the issuance of 107,142 common shares of Vior. Certain claims associated with this Agreement are subject to a 1% Net Smelter Return (“NSR”) royalty, related to a previous transaction with Osisko Gold Royalties Ltd. This transaction is subject to regulatory approval by the TSX Venture Exchange and the securities to be issued under the Agreement will be subject to a four (4) months and 1 day hold period under applicable securities laws.
The entering into the Agreement is considered to be a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), but is exempted from the requirements to obtain a formal valuation and to obtain minority approval under MI 61-101. Indeed, Vior is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the consideration payable by Vior under the Agreement does not exceed 25% of it’s market capitalization.