Velox Energy Materials Inc. announced a non-brokered private placement of up to 30,000,000 units at a price of CAD 0.05 per unit for the gross proceeds of up to CAD 1,500,000 on November 30, 2023. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.075 for a period of 24 months from closing date, subject to certain warrant expiry acceleration terms. The transaction is expected to close on December 4, 2023.

In connection with the closing, the company will pay a cash fee of CAD 90,000 and issue 900,000 warrants to eligible finders. The participation by two directors of the company in the financing for CAD 175,000 or 3,500,000 units. In accordance with applicable Canadian securities laws, all securities issued pursuant to the Private Placement will be issued with a hold period of four months and one day from the date of issuance.

Completion of the Private Placement and payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals, including approval of the Toronto Venture Stock Exchange