Mr. Paul Larkin reports
VELOCITY MINERALS CLOSES PRIVATE PLACEMENT
Velocity Minerals Ltd. has closed its non-brokered private placement announced on June 1, 2016.
The company raised gross proceeds of $840,000 through the issuance of 14 million units at a price of six cents per unit. Each unit consists of one common share and one common share
purchase warrant entitling the holder to purchase one additional common share at
an exercise price of 7.5 cents 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 on Nov. 28, 2016.
The net proceeds of the private placement will be used to settle outstanding debts and for working
capital purposes.
© 2024 Canjex Publishing Ltd. All rights reserved.