Velocity Minerals Ltd. announced a private placement of 9,200,000 units at an issue price of CAD 0.15 per unit for total gross proceeds of up to CAD 1,380,000 on May 5, 2023. Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant, with each Warrant entitling the holder thereof to purchase one Share at a price of CAD 0.25 per Share for a period of 18 months from the closing of the Financing. All securities issued in connection with the Financing will be subject to a hold period of four-months and one day in Canada.

The closing of the Financing is subject to TSX Venture Exchange and other regulatory approval. The Company may pay finder's fees on a portion of the Financing consisting of a cash commission equal to 7% of the gross proceeds raised and finder's warrants equal to 7% of the number of Units issued, where each finder's warrant will entitle the holder thereof to purchase one Share at a price of CAD 0.15 per Share for a period of 12 months from the closing of the Financing.