Defiance Silver Corp. (“Defiance”) (TSX-V: DEF) and ValOro Resources Inc. (“ValOro”) (TSX-V: VRO) are pleased to announce that, further to their News Release dated September 17, 2018, Defiance and ValOro have signed a Definitive Arrangement Agreement (“Definitive Agreement”) dated November 5, 2018 to complete their friendly merger (“Transaction”). ValOro has arranged a special shareholder meeting for December 17, 2018 to vote on the merger and related matters.