Mr. Paul Sparkes reports

VORTEX CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT AND UPSIZES PRIVATE PLACEMENT TO UP TO C$8M

Vortex Energy Corp. has closed the first tranche of its previously announced non-brokered private placement for gross proceeds to the company of $3,847,000. As a result of the demand for securities issued pursuant to the offering, the company has upsized the offering from gross proceeds of up to $4-million to gross proceeds of up to $8-million to be raised from the issuance of up to 10 million 50-cent units (as defined below) and up to five million 60-cent units. The company expects to close the second and final tranche of the offering for gross proceeds of up to $4,153,000 on or before July 7, 2023. The closing of the second tranche is subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange.

Pursuant to the first tranche, the company issued: (i) 5.69 million units of the company at a price of 50 cents per unit for aggregate gross proceeds of $2,845,000, with each 50-cent unit composed of 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 until June 19, 2025; and (ii) 1.67 million units of the company at a price of 60 cents per unit for aggregate gross proceeds of up to $1,002,000, with each 60-cent unit composed of one flow-through common share and one warrant. The FT shares issued pursuant to the first tranche 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.

In connection with the closing of the first tranche, the company paid cash finders' fees totalling $103,740 and issued 177,100 finders' warrants entitling the holder thereof to acquire one share at an exercise price of 75 cents. Each finder's warrant is exercisable until June 19, 2025.

All securities issued in connection with the first tranche are subject to a statutory hold period in accordance with applicable securities laws, expiring on Oct. 20, 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 Energy also holds the Fire Eye project, which is located in the Wollaston domain of Northern Saskatchewan, Canada.

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