Mr. Keith Henderson reports

VELOCITY CLOSES NON-BROKERED PRIVATE PLACEMENT

Velocity Minerals Ltd. has closed the non-brokered private placement announced on Sept. 7, 2017. As a result of the financing, the company issued a total of 3,803,176 units, priced at 34 cents per unit, to raise gross proceeds of $1,293,079.84. Each unit consisted of one common share of the company and one-half of one warrant, with each whole warrant entitling the holder thereof to purchase one common share of the company for 50 cents for a period of 12 months from the closing of the financing. The company also paid finders' fees on a portion of the financing to Blackswan BV ($23,800 and 70,000 finders' warrants), Haywood Securities Inc. ($7,140 and 21,000 finders' warrants), Leede Jones Gable Inc. ($39,508 and 116,200 finders' warrants), and Intrynsyc Capital Corp. ($1,428 and 4,200 finders' warrants). The finders' fees consisted of a cash commission equal to 7 per cent of the gross proceeds raised by each finder and finders' warrants equal to 7 per cent of the corresponding number of units issued. Each finder's warrant entitles the holder thereof to purchase one common share of Velocity for 34 cents for a period of 12 months from the closing of the financing. The common shares and warrants comprising the units and the finders' warrants are subject to a hold period of four months and one day in Canada.

The company intends to use the proceeds of the financing to finance the addition of a second drill rig at the company's Rozino gold project and for general working capital purposes.

The company also announces that it has granted stock options to certain officers, employees and consultants of the company and its affiliates to purchase up to 700,000 common shares of the company in accordance with the terms of the company's stock option plan. The options, which are fully vested as at the date of grant, are exercisable on or before Sept. 26, 2022, at a price of 35 cents per share.

About Velocity Minerals Ltd.

Velocity is a gold exploration and development company focused on Eastern Europe. The company's management and board include mining industry professionals with over 100 years of combined experience spanning Europe, Asia and the Americas as employees of major mining companies, as well as founders and senior executives of junior to mid-tier public companies. The team's experience includes all aspects of mineral exploration, resource definition, feasibility, finance, mine construction and mine operation as well as a record in managing publicly listed companies.

We seek Safe Harbor.