Mr. Vikas Ranjan reports
VORTEX METALS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Vortex Metals Inc. has arranged a non-brokered private placement of securities to raise total gross proceeds of up to $600,000. The offering will be composed of units to be sold at a price of four cents per unit.
Each unit will be composed of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional share for a period of 36 months from the date of issuance at an exercise price of eight cents per share. A maximum of 15 million units will be issued in the offering.
The warrants will be subject to an acceleration clause, which allows the company to accelerate the expiry date of the warrants if, after 18 months from the date of issuance, the trading price of the shares exceeds 15 cents for a period of 10 consecutive days.
Vortex intends to allocate the gross proceeds raised from the sale of the units as follows: approximately 40 per cent to pay for mining concession fees, approximately 40 per cent to pay for exploration fees and the remaining 20 per cent for general working capital purposes.
The company may pay finders' fees composed of cash and non-transferable share purchase warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange.
All securities issued under the offering will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable securities laws. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V. The offering may close in multiple tranches as subscriptions are received.
About Vortex Metals Inc.
Vortex Metals is a copper-gold-focused exploration and development company with a diversified portfolio of exploration projects in Chile and Mexico. Vortex holds an option to acquire an up-to-80-per-cent interest in the brownfield Illapel copper project in Chile, and, through its Mexican subsidiary Empresa Minera Acagold SA de CV, it owns a 100-per-cent interest in two drill-ready high-potential copper-gold volcanogenic massive sulphide properties, Riqueza Marina and Zaachila, in Oaxaca, Mexico. The company emphasizes responsible exploration, community engagement and environmental stewardship to meet the rising global demand for copper.
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