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File: VLC NR re PP closing_16aug2.pdf

                        VELOCITY MINERALS LTD.


August 2, 2016                                                                      TSXV Symbol: VLC.H


                   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

Paul Larkin,
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.




                          Suite 530   625 Howe Street Vancouver BC V6C 2T6
                                    T: 604 687 7767 F: 604 688 9895