Velox Energy Materials (TSX-V:VLX) has pushed its proposed listing on the ASX to the end of March 2025 to allow for the completion of the exchange’s dual listing requirements.
The decision was supported by QIC Critical Minerals and Battery Technology Fund (QCMBTF) — a fund administered by QIC Limited.
In August 2024, Velox secured a commitment for a cornerstone investment between $4 million and $5 million from QCMBTF, which today agreed to extend the long stop date of the executed subscription agreement. QCMBTF would be positioned with a stake in Velox of between 15% and 19%.
The investment is intended to support Velox’s listing on the ASX, which aims to raise between $8 million and $10 million.
Those additional funds will go towards feasibility and pre-production activities at Velox’s North Queensland Vanadium Project and general working capital.
Discovery Capital Partners will act as lead manager to the proposed dual listing and capital raising.
Velox CEO Simon Coyle says QIC’s commitment to extending the long stop date of the agreement reflects QCMBTF’s support.
“With critical minerals crucial to Queensland’s future, this support highlights Velox’s assets and the promising position of vanadium and other critical minerals in Queensland,” Coyle says.
“Velox continues to pursue a dual listing on the ASX, as we ensure the company is complying with all requirements of the exchange and building the company for long-term success.”
No other terms of the agreement have been changed.
QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, private debt, natural capital, liquid strategies, and multi-asset investments.
The QCMBTF aims to support businesses across the critical minerals supply chain in Queensland. The QCMBTF is part of the Queensland Critical Minerals and Battery Technology Fund established in 2023.
Velox Energy Materials is an energy materials company focused on developing and progressing high-value assets in resource and research-friendly jurisdictions.
Write to Aaliyah Rogan at Mining.com.au
Images: Velox Energy Materials
