Velocity Minerals Ltd. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.15 per unit for the gross proceeds of CAD 1,500,000 on March 10, 2023. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.25 per share at any time for a period of 18 months from the closing of the financing.

The company may pay finder's fees on a portion of the financing consisting of a cash commission equal to 7% of the total gross proceeds raised. The transaction is subject to receipt of all required regulatory and TSX Venture Exchange approvals.