Velocity Closes Non‐Brokered Private Placement Grants Incentive Stock Options
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WWW.VELOCITYMINERALS.COM
NR‐17‐08 September 26, 2017
Velocity Closes Non‐Brokered Private Placement
Grants Incentive Stock Options
Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” o r t h e “Company”)
announces that it has closed the non‐brokered private placement announced on September 7, 2017 (the
“Financing”). As a result of th e Financing, the Company issued a total of 3,803,176 units (the "Units"),
priced at $0.34 per Unit to raise gross proceeds of $1,293,079. 84. Each Unit consisted of one common
share of the Company and one‐half of one warrant, with each whole warrant entitling the holder thereof
to purchase one common share of the Company for $0.50 for a per iod of 12 months from the closing of
the Financing. The Company also paid finder’s fees on a portion o f t h e F i n a n c i n g t o B l a c k s w a n B . V
($23,800 and 70,000 finder’s warrant s), Haywood Securities Inc. ($7,140 and 21,000 finder’s warrants),
Leede Jones Gable Inc. ($39,508 and 116,200 finder’s warrants) and Intrynsyc Capital Corporation ($1,428
and 4,200 finder’s warrants). The finder's fees consisted of a cash commission equal to 7% of the gross
proceeds raised by each finder and finder's warrants equal to 7 % of the corresponding number of Units
issued. Each finder's warrant entitles the holder thereof to p urchase one common share of Velocity for
$0.34 for a period of 12 months from the closing of the Financi ng. The common shares and warrants
comprising the Units and the finder’s warrants are subject to a hold period of four‐months and one day
in Canada.
The Company intends to use the proceeds of the Financing to fund the addition of a second drill rig at the
Company’s Rozino gold project and for general working capital purposes.
The Company also announces that it h a s g r a n t e d s t o c k o p t i o n s t o certain officers, employees and
consultants of the Company and its affiliates to purchase up to 700,000 common shares of the Company
in accordance with the terms of the Company's stock option plan. The options, which are fully vested as
at the date of grant, are exercisable on or before September 26, 2022 at a price of $0.35 per share.
This news release does not constitute an offer of sale of any o f the above‐mentioned securities in the
United States. The foregoing securities have not been and will not be registered under the United States
Securities Act of 1933 , as amended (the "1933 Act") or any applicable state securitie s laws and may not
be offered or sold in the United States or to, or for the accou nt or benefit of, U.S. persons (as defined in
Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable
exemption from such registration requirements. This news releas e does not constitute an offer to sell or
the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
NR17‐08 Continued September 26, 2017
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About Velocity Minerals Ltd.
Velocity is a gold exploration and development company focussed on eastern Europe. The Company’s
management and board includes mining industry professionals wit h over 100 years of combined
experience spanning Europe, Asia, and the Americas as employees of major mining companies as well as
founders and senior executives of junior to mid‐tier public companies. The team's experience includes all
aspects of mineral exploration, resource definition, feasibility, finance, mine construction and mine
operation as well as a track record in managing publicly listed companies.
The Company’s portfolio of advanced gold exploration assets is currently in Bulgaria, which is a member
of the European Union (since 2007) and an attractive destinatio n for mining investment. The country’s
mining law was established in 1999 and updated in 2011. Mining r o y a l t i e s a r e l o w a n d c o m p a r e
favourably with more established mining countries like Canada, Peru and Chile. Bulgaria also boasts a
corporate tax rate of only 10% and the country’s education system has yielded a good availability of
experienced mining professionals in a favourable cost environment. Foreign mining companies are
successfully operating in Bulgaria.
Local knowledge and experience are essential components of mining investment in a foreign jurisdiction.
Velocity Minerals has entered into a number of option agreement s with Gorubso Kardzhali A.D.
("Gorubso"), an established and respected mining company in Bul garia. Gorubso operates the
underground Chala Gold Mine (2006) and the Kardzhali Carbon In Leach (CIL) processing plant (2011),
which produces gold dore. Gorubso is the first and only company in Bulgaria to have secured a permit for
cyanide‐related processing of gold ores. Velocity’s management has a long‐standing relationship with
Gorubso as well as significant previous experience in Bulgaria and elsewhere in the region.
On Behalf of the Board of Directors
"Keith Henderson"
President & CEO
For further information, please contact: Keith Henderson
Phone: +1‐604‐638‐3456
E‐mail: [email protected]
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.
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING STATEMENTS: This news release includes certain
“forward‐looking statements” within the meaning of applicable C anadian and U.S. securiti es legislation, including
the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical
fact, included herein including, without limitation, statements regarding the use of proceeds from the Financing and
funds on hand, the Company's future exploration and testing carr i e d o u t o n t h e R o z i n o p r o j e c t a n d t h e f u t u r e
business and operations of Velocity are forward‐looking statemen t s . O f t e n , b u t n o t a l w a y s , f o r w a r d ‐ l o o k i n g
s t a t e m e n t s c a n b e i d e n t i f i e d b y w o r d s s u c h a s “ p r o f o r m a ” , “ p l ans”, “expects”, “may”, “should”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words
including negative variations thereof, and phrases that refer t o certain actions, events or results that may, could,
would, might or will occur or be taken or achieved. Forward‐looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual resu lts, performance or achievements of the Company
t o d i f f e r m a t e r i a l l y f r o m a n y f u t u r e r e s u l t s , p e r f o r m a n c e o r a chievements expressed or implied by the forward‐
looking statements. Such risks and other factors include, among others, operating and technical difficulties in
NR17‐08 Continued September 26, 2017
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connection with mineral exploration and development and mine development activities for the Rozino project,
including the geological mapping, prospecting and sampling programs for the projects, the fact that the Company’s
interests in the Rozino project (and its other Bulgarian exploration properties) are options only and there is no
guarantee that the Company's interests in same, if earned, will be certain, actual results of exploration activities,
estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future
production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the
availability of a sufficient supply of water and other materials, requirements for additional capital to fund the
Company's business plans, future prices of precious metals, changes in general economic conditions, changes in the
financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery
rates, possible failures of plants, equipment or processes to o perate as anticipated, accidents, labour disputes and
other risks of the mining industry, delays in obtaining governmental and regulatory approvals (including of the TSX
Venture Exchange), permits or financing or in the completion of development or construction activities, changes in
laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or
claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental
issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as
well as those factors discussed under the heading "Risk Factors" in the Company's annual management's discussion
and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found
under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward‐lo oking statements. The Company undertakes no
obligation to update any of the forward‐looking statements in this news release or incorporated by reference herein,
except as otherwise required by law.
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