VALOREM RESOURCES INC. (the “ Company” or “ Valorem”) (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that it has closed the first tranche of a non-brokered private placement (the “ First Tranche”). Pursuant to the First Tranche, the Company issued 8,889,998 units (the “ Units”) of the Company at a price of $0.10 per Unit for gross proceeds of $888,999.90 (the “ Offering”). Each Unit consists of one (1) common share of the Company (a “ Common Share”) and one (1) transferable share purchase warrant (a “ Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Common Share for a period of one (1) year from closing at a price of $0.13 per Common Share.