Business
Velocity Minerals Ltd. announces completion of financing with MineralFields
Trading Symbol: VLC: TSX VANCOUVER, May 23 /CNW/ - Further to its press release of May 8, 2008, V...
About this update from Velocity Minerals Ltd.
[{"type":"text","content":"\n\n\n\nTrading Symbol: VLC: TSX\n\n\nVANCOUVER, May 23 /CNW/ - Further to its press release of May 8, 2008,\nVelocity Minerals Ltd. is pleased to announce the completion of a private\nplacement of 2,083,333 units ("Units") issued to Pathway Mining 2008\nFlow-Through LP at a price of $.60 per unit to raise gross proceeds of\n$1,250,000. Each Unit consists of one flow-through common share and one non\nflow-through warrant exercisable until May 20, 2010 to purchase one common\nshare at a price of $1.00 per share until May 20, 2009 and $1.50 per share\nbetween May 21, 2009 and May 20, 2010. In connection with the private\nplacement, Velocity Minerals Ltd. paid Limited Market Dealer Inc. ("LMD") a\ncash commission of 6% and an administration fee of 1% of the gross proceeds,\nand issued options to LMD exercisable to purchase 145,833 common shares at\n$.50 per share until May 20, 2009.\n\n\nPathway 2008 Flow-Through LP is a member of the MineralFields Group. "We\nare very pleased to be entering into this relationship with MineralFields\nGroup", said Kenneth Holmes, Chairman of Velocity Minerals. "This is an\nimportant milestone in the growth of Velocity Minerals, and we look forward to\nworking with MineralFields Group as we explore the Cassiar molybdenum claims."\n\n\nAbout MineralFields, Pathway and First Canadian Securities(R)\n\n\n-------------------------------------------------------------\n\n\nMineralFields Group (a division of Pathway Asset Management) is a\nToronto-based mining fund with significant assets under administration that\noffers its tax-advantaged super flow-through limited partnerships to investors\nthroughout Canada during most of the calendar year, as well as hard-dollar\nresource limited partnerships to investors throughout the world. Pathway Asset\nManagement also specializes in the manufacturing and distribution of\nstructured products and mutual funds. Information about MineralFields Group is\navailable at www.mineralfields.com. First Canadian Securities(R), a division\nof Limited Market Dealer Inc., is active in leading resource financings (both\nflow-through and hard dollar hard dollar PIPE financings) on competitive,\neffective and service-friendly terms, with investors both within, and outside\nof MineralFields Group.\n\n\nThe TSX has neither approved nor disapprov...