Welcome to our dedicated page for Velocity Mineral news (Ticker: VLCJF), a resource for investors and traders seeking the latest updates and insights on Velocity Mineral stock.
Velocity Minerals Ltd. (VLCJF) maintains this dedicated news hub for stakeholders tracking its precious metals and copper exploration activities in Eastern Europe. Our curated collection provides investors with essential updates on Bulgarian mineral projects, strategic partnerships, and corporate developments.
This resource offers centralized access to critical information including exploration results, joint venture announcements, and technical report summaries. Users can efficiently monitor the company's progress across key assets like the Rozino gold deposit and Iglika copper-gold property through verified updates.
Regular updates cover operational milestones including drilling program outcomes, resource estimation updates, and strategic transaction details. The archive serves both technical analysts requiring geological data and investors seeking corporate development context.
Bookmark this page for streamlined tracking of Velocity Minerals' progress in advancing its exploration portfolio through methodical asset evaluation and collaborative partnerships. Check regularly for authoritative updates from primary sources.
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.
Velocity Minerals (TSXV: VLC) announced the results of its 2024 Annual General Meeting (AGM) held on June 18, 2024, in Vancouver, British Columbia. At the AGM, all motions were successfully approved by shareholders. A total of 149,815,984 shares were voted, representing 76.36% of the issued and outstanding shares as of the record date. Key approvals included the election of directors Keith Henderson, Mark Cruise, Daniel Marinov, Gerrie van der Westhuizen, and Michelle Roth, each securing approximately 99.82% of the votes. Gerrie van der Westhuizen received a notably high approval rate of 99.99%. Additionally, the appointment of the auditor was approved with 100% of the votes, and the stock option plan was ratified with a 99.63% approval rate.
Velocity Minerals provided updates on its corporate strategies and exploration initiatives. The company is evaluating strategic alternatives, including the possible sale of its Rozino gold deposit, currently in the prefeasibility stage. Sensitivity analysis based on gold prices indicates the deposit's high responsiveness to price fluctuations, with an after-tax NPV5% ranging from $35.4M at $1,125/oz to $218M at $1,875/oz. Velocity owns 70% of Rozino and has an agreement to sell the asset on a 100% basis.
Velocity also announced that Dundee Precious Metals will terminate their Option Agreement on the Iglika property effective July 30, 2024. DPM has invested $3.5M in exploration, including significant copper and gold drill intersections. Velocity plans further drilling at Iglika, with 15 new drill holes awaiting permits and is seeking a new partner for further exploration.
