Velocity Reports 2023 AGM Results Publishes 2022 ESG Report
Velocity Reports 2023 AGM Results
Publishes 2022 ESG Report
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2023) - Velocity Minerals Ltd. (TSXV: VLC)
("
Velocity
" or the "
Company
") reports the results of its annual general meeting (the "
Meeting
") of
shareholders held on June 22, 2023 in Vancouver, British Columbia.
All the motions presented to the
shareholders were approved.
Votes representing 103,649,770 shares were cast, representing 60.40% of the issued and outstanding
shares at the record date.
A summary of the Meeting results is outlined below.
Motion
Votes for the
Motion
Percentage of
Votes in Favour
Number of Directors
103,649,770
100%
Keith Henderson
103,649,770
100%
Mark Cruise
103,649,770
100%
Daniel Marinov
103,649,770
100%
Gerrie van der Westhuizen
103,649,770
100%
Appointment of Auditor
103,649,770
100%
Ratification and Approval of Stock Option Plan
103,649,770
100%
2022 ESG Report
The Company has published its third annual ESG Report (the "
Report
"), which is available for download
on the Velocity web site.
In the Report the Company outlines the Company's continued focus on
environmental stewardship, local stakeholders and leadership in the community.
The report highlights
some of the work we have done in Bulgaria including provision of free medical checkups in the
community, directed towards women's health, and curation of a local exhibition called Treasures of the
Earth, which provides education on natural resources.
Velocity welcomes feedback from shareholders
and stakeholders regarding the work summarized in the Report.
Incentive Stock Options
The Company announces that it has granted 3,365,000 common share stock options (each, an "Option")
to various directors, officers, employees and consultants of the Company and its affiliates.
The Options
entitle the holder to purchase shares at a price of $0.16 per share (which price is the 5-day market
VWAP) for a period of 5 years from the issue date.
Options will vest over 3 years, beginning 6 months
from the date of issue and vesting in equal tranches bi-annually thereafter.
Including this issuance, the
Company has now set Options representing 5.2% of the issued and outstanding stock.
About Velocity Minerals Ltd.
Velocity is a precious metal and copper explorer focused in Europe.
In Bulgaria, Velocity has a 70%
interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit.
Velocity also has
a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in the
Nadezhda property (which includes the Makedontsi project), and a 70% interest in the Dangovo property
(which is contiguous with the Makedontsi project).
The Company holds a 100% interest in the Iglika
copper-gold exploration property and recently entered into an option agreement with Dundee Precious
Metals who have an option to earn a 75% interest in the property.
The Company has also entered into an
agreement to acquire a 75% interest in the Zlatusha copper-gold exploration property.
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:
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, 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 future development of the Property in a timely manner, the availability of financing on
suitable terms for the development, construction and continued operation of the Property, 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 Property, 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, 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
well 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.sedar.com
.
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.
- 30 -
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