22:39:04 EDT Mon 18 Mar 2024
Enter Symbol
or Name
USA
CA



Velocity Minerals Ltd (2)
Symbol VLC
Shares Issued 7,283,243
Close 2015-09-14 C$ 0.005
Market Cap C$ 36,416
Recent Sedar Documents

Velocity Minerals closes $60,000 placement

2015-09-30 12:02 ET - News Release

Mr. D. Barry Lee reports

VELOCITY MINERALS COMPLETES PRIVATE PLACEMENT AND ANNOUNCES BOARD CHANGES

Further to its news release dated Aug. 5, 2015, Velocity Minerals Ltd. has closed its non-brokered private placement and issued 12 million common shares of the company at a price of 0.5 cent per share, for gross proceeds of $60,000. The shares are subject to a regulatory hold period of four months and a day in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.

The company confirms it has scheduled an annual and special meeting of its shareholders for Nov. 9, 2015, at which it will be seeking shareholder approval to adopt new articles which will allow it to implement a consolidation of its outstanding common shares on a 10:1 basis.

The company announces that effective Sept. 29, 2015, S. Gerald Diakow has resigned as a director, president and chief executive officer of the company. The company is pleased to announce the appointment of Paul Larkin to its board, and that Mr. Larkin has been appointed as chief executive officer of the company. For the past 32 years, Mr. Larkin has been the president of the New Dawn Group, an investment and financial consulting firm located in Vancouver, B.C., and a director and/or officer of various Toronto Stock Exchange, New York Stock Exchange and TSX Venture Exchange-listed companies. New Dawn is primarily involved in corporate finance, merchant banking and administrative management of public companies. Mr. Larkin is currently founder, director and chairman of the audit committee of U.S. Geothermal Inc., a leading renewable energy company that is operating and developing geothermal power projects in Oregon, Nevada, Idaho and Guatemala. Mr. Larkin was an investment banker before founding New Dawn in 1983.

The company's board now comprises Paul Larkin (chief executive officer, director), D. Barry Lee (chief financial officer, secretary, director) and Joe Martin.

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