Velocity Mineral Stock Price, News & Analysis

Velocity Minerals (VLCJF) has received the first tranche payment of US $16.5 million from Türker Mining as part of a definitive agreement to sell its 70% interest in the Rozino project. The company has arranged a standby letter of credit for the same amount to be issued to Gorubso-Kardzhali AD, which holds the remaining 30% interest in the project. The letter of credit will secure Velocity's obligations regarding the return of share certificates to Gorubso if the transaction fails to close, or the payment of 30% of the purchase price if it succeeds. The first tranche payment is being held as collateral for the standby letter of credit and is not available for working capital purposes.

Velocity Minerals (TSXV: VLC) (OTCQB: VLCJF) announced that shareholders have overwhelmingly approved the sale of the company's Bulgarian assets at a special meeting held on April 15, 2025. The special resolution required a minimum two-thirds approval of votes cast.

The meeting saw strong participation with 94.12% of shareholders (185,585,876 shares) represented either in person or by proxy. The voting results were decisively in favor of the asset sale, with 99.99901% (185,584,036 shares) voting FOR and only 0.00099% (1,840 shares) voting AGAINST the resolution.

Velocity Minerals (TSXV: VLC) (OTCQB: VLCJF) has secured an exploration license for the Miriofito Property in northern Greece, following 18 months of active exploration work in the region. The property shows promising copper-gold mineralization, with chip-channel rock sampling (n=36) yielding up to 6.61 g/t gold, 0.3% copper, and 4.2 g/t silver.

The Miriofito site features a polymetallic copper-gold-silver-lead-zinc vein-replacement system in carbonate rock. The company is targeting carbonate replacement mineralization similar to the nearby Olympias deposit. Planned work includes stream sediment screening, geological mapping, geochemical sampling, and various geophysical surveys totaling 110-line km of ground magnetics and 20-line km of IP Resistivity.

Additionally, the company has granted 3,565,000 stock options to various stakeholders at $0.17 per share, valid for 5 years with a 3-year vesting period.

Velocity Minerals (VLCJF) has entered into a definitive agreement with Türker Mining to sell its Bulgarian assets. The key transaction includes:

- Sale of 70% interest in the Rozino project for USD $55.0 million, payable in two tranches:
• First tranche: USD $16.5 million after shareholder approval
• Second tranche: USD $38.5 million within 18 months (reduced by $1.5M if paid within 12 months)

- Option granted to Türker Mining to acquire Velocity's interest in other Bulgarian assets for USD $4.0 million

The deal includes a USD $1.0 million transaction fee upon agreement execution. Gorubso-Kardzhali AD, holding 30% interest in Rozino, will receive 30% of the purchase price. The transaction requires 66 2/3% shareholder approval, with a meeting scheduled for April 15, 2025.

Velocity Minerals (TSXV: VLC, OTCQB: VLCJF) has updated the terms of its previously announced USD $59.0 million sale of the Rozino gold project and other Bulgarian assets. The company has signed an amended agreement with Türker Mining, extending the exclusivity period to January 17, 2025. The initial deposit has been increased from USD $15.0 million to USD $16.5 million. A new USD $1.0 million transaction fee has been introduced, split into two USD $0.5 million payments. Additionally, a USD $2.95 million break fee will be placed in escrow upon signing the definitive agreement, later reducing to USD $1.45 million after the initial deposit is received.

Velocity Minerals has provided an update on the previously announced USD $59.0 million cash sale of its Rozino gold project and other Bulgarian assets. The buyer, Türkerler, has completed due diligence and confirmed its intention to proceed with the transaction. The parties have selected an escrow agent for the USD $2.95 million break fee. A special shareholders meeting is scheduled for January 17, 2025, with a record date of December 9, 2024. The transaction closing is expected by January 31, 2025, subject to shareholder, board, and regulatory approvals.

Velocity Minerals (TSXV: VLC) (OTCQB: VLCJF) has announced a binding agreement to sell its Bulgarian assets to Türkerler, a Turkish company, for USD $59.0 million. The deal includes the Rozino gold project and other Bulgarian mineral properties. The purchase price will be paid in two tranches: USD $15.0 million at closing and USD $44.0 million within 18 months. Closing is expected by January 31, 2025, subject to due diligence and approvals. Velocity's CEO, Keith Henderson, expressed enthusiasm for the deal and its potential benefits for the Ivaylovgrad region. The company plans to seek new acquisition opportunities in Europe following this transaction.

Velocity Minerals (TSXV: VLC) has entered into a binding letter agreement to acquire a 100% interest in the Toledo gold-silver property in Western Bulgaria. The property boasts a historical resource of over 500,000 ounces of gold, with extensive exploration including 27,500m of drilling. Key highlights include:

- Historical drill results of 80.7m grading 3.52 g/t gold from surface
- Six known mineralized bodies with exploration upside
- Option agreement requires US$4 million in cash payments over six milestones
- Upon exercise, Velocity will grant a 2% NSR royalty, with buyback options

The Toledo property shows geological similarities to gold deposits in the Yukon-Alaska Tintina Gold Belt. Velocity will have six years from the issuance of the mining concession to exercise the option fully.

Velocity Minerals (TSXV: VLC) has released its fourth annual ESG Report, detailing its commitment to environmental stewardship and community leadership. The report is accessible on the company’s website.

The company also amended its financial advisory agreement with Leede Jones Gable Inc., extending it by six months, issuing an additional 100,000 shares, and adjusting the success fee to 0.5% under certain conditions. This agreement helps Velocity explore strategic alternatives without guaranteeing specific outcomes or timelines. The amendment awaits TSX Venture Exchange acceptance.