- Velocity Minerals (VLC) has closed its previously announced non-brokered private placement for total gross proceeds of $1,500,000
- Velocity intends to use the proceeds to fund ongoing work at its gold and copper exploration projects and for general working capital
- Velocity is a precious metals and copper explorer focusing in Eastern Europe
- Velocity Minerals Ltd. (VLC) opened trading at C$0.17 per share
Velocity Minerals (VLC) has closed its previously announced non-brokered private placement for total gross proceeds of $1,500,000.
The company issued 10,000,000 units at $0.15 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at $0.25 for 18 months.
Velocity intends to use the proceeds to fund ongoing work at its gold and copper exploration projects and for general working capital.
In connection to the financing, the company paid finder’s fees consisting of $28,000 in cash and issued 186,666 non-transferable finder’s warrants. Each Finder’s Warrant entitles the holder to purchase one share at $0.15 for a period of 12 months. Haywood Securities Inc. and Leede Jones Gable Inc. each received $14,000 in cash and 93,333 Finder’s Warrants.
All securities issued are subject to a statutory hold period ending on July 29, 2023. The Financing is subject to final approval of the TSX Venture Exchange (TSXV).
An insider of the company subscribed for 2,716,470 units.
Velocity is a precious metals and copper explorer focusing in Eastern Europe.
Velocity Minerals Ltd. (VLC) opened trading at C$0.17 per share.
