Velocity Minerals Closes Private Placement
Vancouver, British Columbia – Velocity Minerals Ltd. (the “Company”) is pleased to announce the closing of its non-brokered private placement (the “Private Placement”) announced on June 1, 2016.
The Company raised gross proceeds of $840,000 through the issuance of 14,000,000 units (each a “Unit”) at a price of $0.06 per Unit. Each Unit consists of one common share and one common share purchase warrant (each a “Warrant”) entitling the holder to purchase one additional common share at an exercise price of $0.075 per share until July 27, 2017.
The securities issued pursuant to this Private Placement, and any common shares to be issued upon the exercise of the Warrants, are subject to a hold period expiring November 28, 2016.
The net proceeds of the Private Placement will be used to settle outstanding debts and for working capital purposes.
On behalf of the Board of Directors
President and CEO
Telephone: (604) 687-7767
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.