Each Unit consists of one common share in the capital of the Company (each, a 'Share') and one-half of one common share purchase warrant (each whole warrant, a 'Warrant'), with each Warrant entitling the holder thereof to purchase one Share at a price of
The proceeds of the Financing are intended to fund ongoing work at the Company's gold and copper exploration projects and for general working capital.
In connection with the Financing, the Company paid finder's fees consisting of
All securities issued in connection with the Financing are subject to a hold period ending on
An insider of the Company subscribed for 2,716,470 Units. Such participation is considered to be a 'related party transaction' as defined under Multilateral Instrument 61-101 ('MI 61-101'). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Financing by the insider does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
This news release does not constitute an offer of sale of any of the foregoing securities in
About
Velocity is a precious metals and copper explorer focused in
Contact:
Tel: +1-604-484-1233
Email: info@velocityminerals.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian and
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities for the Company's Bulgarian copper and gold projects, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital to fund the Company's business plan, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, the inability to or delay in obtaining governmental and regulatory approvals (including of the TSXV for the Financing), permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading. 'Risk Factors' in the Company's annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein, except as otherwise required by law.
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