Velocity Provides Transaction Update On Sale of Bulgarian Assets
LC2280855-1
traLms
NR-24-10 November 29, 2024
Velocity Provides Transaction Update
On Sale of Bulgarian Assets
Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC , OTCQB: VLCJF ) (" Velocity" or the
"Company") is please d to provide an update regarding the sale of the Rozino gold project and the
Company's other Bulgarian assets for USD $59.0 million cash (the "Transaction"), as previously announced
on October 1, 2024.
Türkerler İnşaat Turizm Madencilik Enerji Üretim Ticaret ve Sanayi A.Ş. ( "Türkerler") has delivered
confirmation to the Company that it has complete d its legal, financial, technical and geological due
diligence and desires to proceed with the T ransaction. Pursuant to the terms of the binding letter
agreement entered into by t he Company with Türkerler, Türkerler and the Company have selected an
escrow agent and are finalizing arrangements for the payment into escrow of the USD $2.95 million break
fee by Türkerler, which will be held in escrow pending the occurrence of certain events.
The Company has begun working on the share purchase agreement and associated documentation for
the Transaction, as well as materials for Velocity’s special meeting of shareholders (the "Meeting"). The
Meeting is scheduled for January 17, 2025 and the record date will be December 9, 2024. Closing of the
Transaction continues to be scheduled for on or before January 31, 2025, and will be subject to customary
conditions precedent, including, without limitation, receipt of all necessary shareholder, board and
regulatory (including TSXV) consents and approvals.
On Behalf of the Board of Directors
"Keith Henderson"
President & CEO
For further information, please contact:
Keith Henderson
Phone: +1-604-484-1233
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.
This news release contains forward -looking statements and forward -looking information (collectively, " forward-
looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, statements regarding the
completion of the Transaction , the completion of the conditions precedent to the Transaction , the holding of the
Meeting to approve the Transaction , and the anticipated business plans and timing of future activities of the
NR-24-10 Continued November 29, 2024
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Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it
can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking
information can be identified by words such as " pro forma", "plans", "expects", "may", "will", "should", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words
including negative variations thereof, and phrases that refer to certain actions, events or results that may, could,
would, might or will occur or be taken or achieved. In making the forward -looking statements in this news release,
the Company has applied several material assumptions, including without limitation, that market fundamentals will
result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory
approvals in connection with the Transaction in a timely manner, the availability of financing on suitable terms for
the continued operation of the Company's business, and the Company’s ability to comply with environmental, health
and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to differ materially from any future results,
performance or achievements expressed or implied by the forward-looking information. Such risks and other factors
include, among others, operating and technical difficulties in connection with mineral exploration and development
and mine development activities at the Company's properties , estimation or realization of mineral reserves and
mineral resources, requirements for additional capital, future prices of precious metals and copper, 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 operate as
anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company
to obtain any necessary permits, consents or authorizations required, including TSX Venture Exchange acceptance
of the Transaction , financing or other planned activities, changes in laws, regulations and policies affecting mining
operations, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and
possible outcome of pending litigation, environmental issues and liabilities, risks relating to epidemics or pandemics
such as COVID- 19, including the impact of COVID- 19 on the Company's business, risks related to joint venture
operations, and risks related to the integration of acquisitions, as we ll as those factors discussed under the heading
"Risk Factors" in the Company's latest Management 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.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by
law, the Company undertakes no obligation to update any of the forward- looking information in this news release
or incorporated by reference herein.