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Velox Energy Materials Closes Private Placement of $1.5 Million to Progress Development of Flagship North Queensland Vanadium Project
All amounts expressed are in Canadian dollars Toronto, Ontario--(Newsfile Corp. - November 30, 2...
About this update from Velox Energy Materials Inc
[{"type":"text","content":"Velox Energy Materials Closes Private Placement of $1.5 Million to Progress Development of Flagship North Queensland Vanadium ProjectAll amounts expressed are in Canadian dollarsToronto, Ontario--(Newsfile Corp. - November 30, 2023) - Velox Energy Materials Inc. (TSXV: VLX) (\"Velox\" or \"the Company\") is pleased to announce that it has received binding commitments for a non-brokered private placement of 30,000,000 Units for gross proceeds of $1.5 million (\"the Placement\") with a subscription price of $0.05 per Unit. Each Unit consists of one Common Share and one Common Share Purchase Warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one Common Share of the Company at $0.075 for a period of 24 months from Closing Date, subject to certain Warrant expiry acceleration terms. The Company reserves and maintains the right to accelerate the expiry of the Warrants, in whole or in part, upon providing notice of acceleration if the 20-day volume-weighted average price of the Common Shares on the Company's primary stock exchange is greater than $0.15 per Common Share. The Units will be issued on or around December 4, 2023.The proceeds from the Placement will be used to progress the development of Velox's flagship North Queensland Vanadium Project (\"NQVP\"), with planned activities for NQVP including:Metallurgical testwork, sampling and baseline flowsheet optimizationMineral Resource update for the Cambridge DepositAircore drilling to delineate high-grade zones at the Cambridge DepositGlobal Mineral Resource updates; and Environmental studiesIn addition, the Company will use the proceeds towards a planned dual listing on the ASX via a CDI listing in early 2024.Velox President and CEO, Simon Coyle, commented:\"We are pleased by the interest in Velox and our portfolio of projects. Following presentations throughout Australia, it was clear that investors like our strategy of developing a range of energy materials projects. We have a good pipeline of news flow coming from the NQVP over the coming months and we expect first news from our Quebec lithium assets in the new year.\"\"Our successful Private Placement will assist Velox in continuing the development of our Cambridge Mineral Resource in North Queensland as we optimize our metallurgical testwork, working towards the development of a robust process flowsheet during 2...