In This Article:
Vancouver, British Columbia--(Newsfile Corp. - November 29, 2024) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) ("Velocity" or the "Company") is pleased to provide an update regarding the sale of the Rozino gold project and the Company's other Bulgarian assets for USD $59.0 million cash (the "Transaction"), as previously announced on October 1, 2024.
Türkerler İnşaat Turizm Madencilik Enerji Üretim Ticaret ve Sanayi A.Ş. ("Türkerler") has delivered confirmation to the Company that it has completed its legal, financial, technical and geological due diligence and desires to proceed with the Transaction. Pursuant to the terms of the binding letter agreement entered into by the Company with Türkerler, Türkerler and the Company have selected an escrow agent and are finalizing arrangements for the payment into escrow of the USD $2.95 million break fee by Türkerler, which will be held in escrow pending the occurrence of certain events.
The Company has begun working on the share purchase agreement and associated documentation for the Transaction, as well as materials for Velocity's special meeting of shareholders (the "Meeting"). The Meeting is scheduled for January 17, 2025 and the record date will be December 9, 2024. Closing of the Transaction continues to be scheduled for on or before January 31, 2025, and will be subject to customary conditions precedent, including, without limitation, receipt of all necessary shareholder, board and regulatory (including TSXV) consents and approvals.
On Behalf of the Board of Directors
"Keith Henderson"
President & CEO
For further information, please contact:
Keith Henderson
Phone: +1-604-484-1233
E-mail: info@velocityminerals.com
Web: www.velocityminerals.com
Neither the 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.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the completion of the Transaction, the completion of the conditions precedent to the Transaction, the holding of the Meeting to approve the Transaction, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material 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 Transaction in a timely manner, the availability of financing on suitable terms for the continued operation of the Company's business, and the Company's ability to comply with environmental, health and safety laws.