Valhalla Metals increases private placement to $12.5 million

Valhalla Metals Inc. (TSXV: VMXX) (OTCQB: VMXXF) announced it has increased the size of its non-brokered private placement to $12.5 million from its previously announced offering on April 30, 2026. The company will sell subscription receipts at $0.65 each due to strong investor demand.

The offering connects to Valhalla's acquisition of the Smucker Project, a copper-gold-silver-zinc property from Teck American Incorporated, a subsidiary of Teck Resources Limited. The transaction is expected to close in June 2026, and completion of the private placement is a condition for the acquisition's closing.

The company plans to allocate approximately $8 million of the net proceeds for exploration expenditures at its Sun Property, including a drill program. An additional $300,000 will fund mapping and survey work at the Smucker Project following the transaction's completion, with remaining funds designated for general and administrative costs.

The gross proceeds will be held in escrow until all conditions for the Smucker Project acquisition are satisfied. Upon meeting these conditions, the subscription receipts will automatically convert to common shares without additional consideration from holders. If conditions are not met within 90 days of the offering's closing or if the transaction fails to proceed, the subscription receipts will be cancelled and funds returned to holders.

Valhalla may increase the offering size by 20% and reserves the right to pay finder's fees in accordance with applicable securities laws. The subscription receipts and resulting common shares will be subject to a four-month hold period under securities regulations.

The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or applicable exemption.

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