Velocity Minerals Ltd announced a non brokered private placement of up to 15,000,000 units a price of CAD 0.10 per unit for gross proceeds of CAD 1,500,000 on December 8, 2023. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitling the holder thereof to purchase one Share at a price of CAD 0.18 per Share for a period of 24 months from the closing of the Financing.

All securities issued in connection with the Financing will be subject to a hold period of four-months and one day in Canada. The closing of the Financing is subject to TSX Venture Exchange and other regulatory approval. The Company may pay finder's fees on a portion of the Financing consisting of a cash commission equal to 7% of the total gross proceeds raised and finder's warrants equal to 7% of the total number of Units issued, where each finder's warrant will entitle the holder thereof to purchase one Share at a price of CAD 0.10 per Share for a period of 12 months from the closing of the Financing.