Marubeni Metals Acquires Shares of Valhalla Metals Inc.

MONTREAL, Sept. 19, 2022 /CNW/ - Marubeni Metals & Minerals (Canada), Inc. ("Marubeni Metals") is issuing this news release pursuant to the early warning requirements of National Instrument 62-104, Take-over Bids and Issuer Bids with respect to the subordinate voting shares ("Shares") of Valhalla Metals Inc. (formerly, SolidusGold Inc.) (the "Issuer").

Pursuant to an investment agreement with the Issuer dated February 7, 2022, as amended, Marubeni Metals subscribed, on a private placement basis, for 16,580,000 Shares at a price of $0.50 per Share, for a total consideration of $8,290,000. (the "Private Placement"). The Shares trade on the facilities of the TSX Venture Exchange under the trading symbol "SDC". The Private Placement closed on September 16, 2022.

Immediately prior to the Private Placement, Marubeni Metals did not hold any securities of the Issuer. Immediately following the Private Placement, Marubeni Metals now has ownership of, or control and direction over, an aggregate of 16,580,000 Shares, representing approximately 47.74% of the outstanding Shares and 19.99% of the voting rights of all voting securities of the Issuer.

The Shares were acquired for investment purposes. Subject to applicable law, Marubeni Metals will continue to review its holdings of the Issuer's securities, and depending on market conditions, general economic conditions and industry conditions, the Issuer's business and financial condition and prospects and/or other relevant factors, may increase or decrease its investment in the securities of the Issuer.

Marubeni Metals' head office is located at Suite 1830, 630 Rene-Levesque Blvd West, Montreal, Quebec, H3B 1S6. The Issuer's head office is located at 595 Howe Street, Vancouver, British Columbia, V6C 2T5.

Marubeni Metals will file a report under National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues under the Issuer's profile on SEDAR (www.sedar.ca) containing additional information respecting the foregoing matters.

SOURCE Marubeni Metals & Minerals (Canada), Inc.

and to obtain a copy of the early warning report, please contact: Kunitake Minami, President, 630 Rene-Levesque Blvd West, Suite 1830, Montreal, Quebec, H3B 1S6, [email protected]