08:06:59 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Velocity Minerals Ltd (3)
Symbol VLC
Shares Issued 29,928,237
Close 2017-07-20 C$ 0.265
Market Cap C$ 7,930,983
Recent Sedar Documents

Velocity Minerals VP Mills acquires 7.65 million shares

2017-07-21 19:10 ET - News Release

Mr. Stuart Mills reports

EARLY WARNING NEWS RELEASE

Stuart Mills, the vice-president, exploration, of Velocity Minerals Inc., is making an announcement in accordance with National Instrument 62-103 (the early warning system and related takeover bids) and National Instrument 62-104 (takeover bids and issuer bids).

Mr. Mills announces that on July 21, 2017, he acquired ownership and control of 7.65 million common shares in the capital of the issuer pursuant to a purchase and sale agreement dated Jan. 24, 2017, whereby the issuer acquired all of the issued and outstanding common shares in the capital of 1077076 B.C. Ltd., in consideration and in exchange for common shares of the issuer. Of the 7.65 million subject shares, Mr. Mills acquired 4.5 million shares at a deemed issuance price of 25 cents per share, and 3.15 million shares through common share purchase warrants, which were each exercised for one common share in the capital of the issuer at 7.5 cents per share. Effective July 25, 2017, the Velocity shares will be listed for trading on the TSX Venture Exchange; however, the transaction did not occur on a stock exchange or other market that represents a published market for securities.

Immediately before the completion of the transaction, Mr. Mills did not beneficially own or control any Velocity shares. As a result of the transaction, Mr. Mills beneficially owns or controls 7.65 million Velocity shares representing approximately 13.33 per cent of the currently issued and outstanding Velocity shares.

Mr. Mills acquired the Velocity shares for investment purposes. However, Mr. Mills will review his holdings from time to time and may, in the future, increase or decrease his ownership or control over securities of the issuer as circumstances dictate.

An early warning report will be filed under the issuer's profile on the SEDAR website.

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