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Velox Energy Materials Inc. Confirms Terms of Proposed Non-Brokered Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - March 6, 2026) - Velox Energy Materials Inc. (TSXV: VLX) ("...
About this update from Velox Energy Materials Inc
[{"type":"text","content":"Velox Energy Materials Inc. Confirms Terms of Proposed Non-Brokered Private Placement FinancingToronto, Ontario--(Newsfile Corp. - March 6, 2026) - Velox Energy Materials Inc. (TSXV: VLX) (\"Velox\" or the \"Company\") confirms the terms of its previously announced non-brokered private placement financing, originally announced on February 27, 2026. The Company proposes to complete a non-brokered private placement financing (the \"Private Placement\") of up to 89,296,272 units of the Company (the \"Units\") at a price of $0.035 per Unit, for gross proceeds of up to $3,125,369.52.Each Unit will consist of one common share in the capital of the Company (each, a \"Common Share\") and one common share purchase warrant (a \"Warrant\"). Each Warrant will be exercisable to acquire one additional Common Share at a price of $0.05 for a period of 24 months from the date of issuance.The net proceeds of the Offering will be used to fund the evaluation and due diligence of potential resource opportunities consistent with the Company's existing business strategy, current project commitments, regulatory, professional and corporate administration costs, and for general working capital purposes. The Company plans on allocating approximately $500,000 toward strategic opportunity evaluation. None of the proceeds will be used for investor relations service providers or payments to non-arm's length parties.In connection with the Private Placement, the Company may pay finder's fees of 6% in cash and 6% finder's warrants (\"Finder's Warrants\") to eligible finders, in accordance with the policies of the TSX Venture Exchange (the \"Exchange\"). Each Finder Warrant entitles the holder to acquire one common share at a price of $0.05 per share for a period of 24 months from the Closing Date.A director of the Company intends to participate in the Private Placement for up to 5,700,000 Units. Such participation will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to Sections 5.5(b) and 5.7(1)(b), respectively, as the Company's securities are not listed on a specified market and the fair market va...