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BCSC halts Valorem Resource trades due to 'unsubstantiated statements'

Kitco News

The British Columbia Securities Commission said on Friday it ordered a halt to the trading of securities of Vancouver-based Valorem Resources after unsubstantiated statements about the company that appeared on a financial news website, followed by an increase in trading of Valorem's shares.

"The information on the-financialnews.com made projections about the mining reserves at Valorem’s Black Dog Lake property in Quebec, as well as Valorem’s future share price," writes the BCSC on its website, which notes that the news coincided with trading volumes nearly quadrupling.

In mid-April Valorem issued a news release stating that the "information disseminated by the third-party was false and that the company had been the target of those false statements."

The BCSC order against trading of Valorem securities extends until May 21, 2021.

Valorem is an exploration company focused on the Americas.

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