The TSX Venture Exchange has approved Velox Energy Materials’ (TSX-V:VLX) extension of more than 13.715 million post-consolidation common share purchase warrants to expire on 31 December 2024.
The warrants were issued as part of the company’s private placement that closed on 14 October 2022. Post-consolidation, the warrants are exercisable at a price of $0.144.
All other terms will remain the same.
In August, Velox announced its intention to consolidate its shares ahead of the planned dual listing on the Australian Securities Exchange (ASX). Velox shareholders are to receive one consolidated share for each 2.88 shares currently held, with fractional entitlements rounded down to the nearest whole number.
Velox is progressing ‘high-value assets’ in resource and research-friendly jurisdictions. The company’s priority focus is the advanced NQV Project in Queensland, Australia.
The project hosts the Cambridge deposit with a CIM compliant indicated mineral resource of 61.33Mt @ 0.34% V2O5 and 234.6ppm MoO3 along with an Inferred Mineral Resource of 144.87Mt @ 0.33% V2O5 (cut-off grade of 0.25% V2O5) and 241. ppm MoO3.
The company is targeting shallow, high-grade mineralisation that can be developed using low-cost mining and processing options.
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
