Toronto, Ontario, August 13, 2024
Velox Energy Materials Inc. (TSXV: VLX) (“Velox” or the “Company”) is pleased to announce its intention to consolidate its shares ahead of the planned dual listing on the ASX.
Highlights
- Velox shares to be consolidated with shareholders receiving one consolidated share for each 2.88 Velox shares currently held, with fractional entitlements rounded down to the nearest whole number
- Share consolidation is part of the process for the dual listing of the Company on the Australian Securities Exchange (“ASX”)
- Consolidation of shares will occur on 23 August 2024, subject to TSXV approval
Velox currently has 254,525,231 shares on issue. As part of the ASX dual listing process, the Company intends to consolidate its shares on a 1 for 2.88 basis, with shareholders receiving one new share for each 2.88 shares that they currently hold (the “Consolidation”). Fractional entitlements will be rounded down to the nearest whole number. It is expected that post-Consolidation and prior to the ASX Offer raise, the Company will have ~88,376,816 shares on issue.
The Consolidation is subject to the approval of the TSXV and, once the Consolidation is approved, a new CUSIP number and letter of transmittal will be sent out to registered shareholders of the Company by the Company’s transfer agent, Odyssey Trust Company. The Consolidation is not subject to shareholder approval and no name change will be completed in conjunction with the Consolidation.
Please visit our website at www.veloxenergymaterials.com.au for further information.
Approved by the Board of Velox Energy Materials Inc.
Simon Coyle
President & CEO
+1 416-214-7577
Investor Relations Contact
Andrew Rowell
Investor Relations – Australia
M: +61 400 466 226
Email: moc.s1733003764mmoce1733003764sione1733003764tihw@1733003764werdn1733003764a1733003764
About Velox Energy Materials
Velox Energy Materials is a publicly traded energy materials company developing and progressing high-value assets in resource and research-friendly jurisdictions. The Company’s priority focus is the advanced NQV Project in Queensland, Australia. The NQV Project hosts the Cambridge Deposit with a CIM compliant Indicated Mineral Resource of 61.33 Mt @ 0.34% V2O5 and 234.6 ppm MoO3 along with an Inferred Mineral Resource of 144.87 Mt @ 0.33% V2O5 (cut-off grade of 0.25% V2O5) and 241.9 ppm MoO3 (Dufresne et al., 2022). The Company is targeting shallow, high-grade mineralization that can be developed using low-cost mining and processing options.
The Company 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.
Forward Looking Statements
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and plans of the Company. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: the anticipated dual listing of its shares on the ASX; the proposed use of funds raised as part of the ASX listing and QCMBTF’s strategic investment.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company will complete the ASX listing; that the Company will complete its strategic investment with QCMBTF;; that the Company will have the resources required to proceed with its exploration plans; and that the Company will not run into regulatory or other barriers in carrying out its business plan.
Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will be unable to complete the ASX listing or the strategic investment with QCMBTF; that the Company may incur unanticipated costs; that the Company may not have the resources required to pursue its exploration plans; and that the Company’s operations could be adversely affected by possible future government legislation policies and controls or by changes in applicable laws and regulations. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives, nor for the avoidance of doubt, none of QIC, QCMBTF or any of their representatives, make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release or shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your representatives or for omissions from the information in this news release.
The forward-looking statements herein speak only as of the date they were originally made. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
