The TSX Venture Exchange has approved the extension of just over 13,715 million post-consolidation common share purchase warrants for Velox Energy Materials (TSX-V:VLX).
The warrants were issued as part of the company’s private placement that closed in October 2022, are exercisable at a price of $0.144, and expire on 30 June 2025.
All other terms of the warrants will remain the same.
On 14 October 2022, the company completed a non-brokered private placement at C$0.03 per unit for aggregate gross proceeds of C$2.37 million. Each unit consisted of one common share and half of one common share purchase warrant.
Each warrant entitled the holder to purchase one additional common share at C$0.05 per at any time prior to 14 October 2024.
If the volume-weighted average price of the common shares over the preceding 20 trading days was greater than C$0.15, the company could elect to accelerate the term of the warrants to 30 calendar days following the date a press release announcing the notice of acceleration is issued.
Velox is an energy materials company developing and progressing assets in resource and research-friendly jurisdictions. The company’s priority focus is the advanced North Queensland Vanadium Project in Queensland, Australia.
Velox additionally owns Kotai Energy and the option to acquire 100% of the intellectual property rights associated with the Solid-State Hydrogen Storage Project from Curtin University in Western Australia. Kotai is focused on the commercialisation of technology that can produce high-pressure hydrogen following transport as an inert powder.
Write to Adam Orlando at Mining.com.au
Images: Velox
