Business
Velocity Announces Strategic Investment by Dundee Precious Metals
Velocity Announces Strategic Investment by Dundee Precious Metals Canada NewsWi...
About this update from Velocity Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Velocity Announces Strategic Investment by Dundee Precious Metals\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n VANCOUVER, BC, Nov. 16, 2020\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 16, 2020\n \n /CNW/ - Velocity Minerals Ltd. (TSXV: VLC) (\"Velocity\" or the \"Company\") is pleased to announce that it has entered into an investment agreement dated\n \n November 13, 2020\n \n (the \"Investment Agreement\") with Dundee Precious Metals Inc. (TSX: DPM) (\"DPM\"), whereby DPM will invest up to\n \n $7,000,000\n \n to acquire a 9.99% ownership interest in Velocity on a non-diluted basis (the \"Strategic Investment\").  Under and subject to the terms and conditions of the Investment Agreement, DPM has agreed to purchase up to 14,000,000 common shares of Velocity (each, an \"Offered Share\") at the price of\n \n $0.50\n \n per Offered Share, on a private placement basis.\n \n \n \n \n \n \n \n \n \n In connection with the Strategic Investment, DPM will be granted the right to nominate one director to Velocity's board of directors upon increasing its ownership in Velocity to at least 15% of Velocity's issued and outstanding common shares (the \"Common Shares\").  The Investment Agreement provides that for so long as DPM holds at least 9.99% or more of Velocity's issued and outstanding Common Shares, DPM shall have a right to participate in future equity issuances in order to maintain its then\n \n pro rata\n \n percentage ownership interest.  The Investment Agreement also provides that DPM is subject to certain voting and resale restrictions for a period of 12 months from the closing date of the Strategic Investment.\n \n \n In connection with the Strategic Investment, Artemis Gold Inc. (\"ARTG\") has the participation right (the
...