In connection with the
In addition, an existing joint venture partner of the Company, Gorubso Kardzhali AD ('Gorubso'), subscribed for 500,000 common shares at a price of
All securities issued in connection with the Financing are subject to a hold period of four months and one day in
'We would like to welcome DPM and Gorubso as new shareholders of the Company, as well as acknowledging the continued support of Artemis, who remain as Velocity's largest shareholder,' stated
The proceeds from the Financing will be used to advance the Company's Rozino project and other exploration properties, and for general working capital purposes.
ARTG is a 'related party' (as such term is defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101')) of Velocity in that ARTG holds more than 20% of the issued and outstanding voting securities of Velocity. The Participation Right Exercise constitutes a 'related party transaction' as defined in MI 61-101.
About
Velocity is a gold exploration and development company focused on southeastern
Contact:
Tel: +1-604-484-1233
Email: info@velocityminerals.com
Web: www.velocityminerals.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain 'forward-looking information' within the meaning of Canadian securities legislation and 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively 'forward looking statements'). Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', 'forecast', 'expect', 'potential', 'project', 'target', 'schedule', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Financing and the expected use of proceeds therefrom, the Company's anticipated exploration plans and the timing of future activities of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions including, without limitation, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the Financing and the future exploration and development of the Company's projects, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, changes in the financial markets, availability of capital and financing on acceptable terms, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, general economic, market or business conditions, uninsured risks, changes of regulations or laws, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in obtaining governmental and regulatory approvals (including the final approval of the Financing by the
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