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Velocity Minerals ( (TSE:VLC) ) just unveiled an announcement.
Velocity Minerals Ltd. has received a US $16.5 million initial payment from Türker Global Madencilik Sanayi Ve Ticaret A.Ş. as part of a definitive agreement to sell its 70% interest in the Rozino project. The payment is being used as collateral for a standby letter of credit issued to Gorubso-Kardzhali AD, which holds a 30% interest in the project, ensuring the return of share certificates or payment of 30% of the purchase price if the transaction closes. This transaction marks a significant step in Velocity’s strategic operations, potentially impacting its financial positioning and stakeholder interests.
More about Velocity Minerals
Velocity Minerals Ltd. is a mining company based in Vancouver, British Columbia, primarily engaged in the exploration and development of mineral projects. The company focuses on precious metals, particularly gold, and operates within the mining industry.
YTD Price Performance: 12.66%
Average Trading Volume: 72,028
Technical Sentiment Signal: Buy
Current Market Cap: C$35.11M
For a thorough assessment of VLC stock, go to TipRanks’ Stock Analysis page.