Mr. Paul Sparkes reports

VORTEX ANNOUNCES PRIVATE PLACEMENT FOR UP TO C$4M

Vortex Energy Corp. has arranged a non-brokered private placement for gross proceeds of up to $4-million.

The offering is expected to consist of the offering of: (i) units of the company at a price of 50 cents per unit for aggregate gross proceeds of up to $3-million, with each 50-cent unit comprising one non-flow-through common share of the company and one share purchase warrant of the company, entitling the holder to acquire one share at a price of 75 cents per warrant share for a period of 24 months; and (ii) units of the company at a price of 60 cents per unit for aggregate gross proceeds of up to $1-million, with each 60-cent unit comprising one flow-through common share and one warrant. The FT shares issued under the FT offering are intended to qualify as flow-through shares within the meaning of the Income Tax Act (Canada).

The company intends to use the net proceeds raised from the offering for exploration expenses in respect of the company's existing exploration projects, including at the company's Robinsons River salt project in Newfoundland and Labrador, and general working capital purposes. The gross proceeds from the sale of the FT shares will be used to incur Canadian exploration expenses that are intended to qualify as flow-through mining expenditures, as those terms are defined in the Tax Act, which the company intends to renounce to the initial purchasers of the FT shares.

All securities issued in the offering will be subject to a statutory four-month-and-one-day hold period. Closing of the offering is subject to receipt of all regulatory approvals, including approval of the Canadian Securities Exchange. The offering is expected to close on or about June 15, 2023.

About Vortex Energy Corp.

Vortex Energy is an exploration-stage company engaged principally in the acquisition, exploration and development of mineral properties in North America. The company is currently advancing its Robinson River salt project in Stephenville in the province of Newfoundland and Labrador, covering over 17,000 hectares. Leveraging the Robinson River salt project, the company is also exploring the development of technologies to efficiently store green hydrogen in Salt Caverns. Vortex also holds the Fire Eye project, which is located in the Wollaston domain of Northern Saskatchewan, Canada.

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