Mr. Paul Sparkes reports

VORTEX CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FOR TOTAL PROCEEDS OF C$6.7M

Vortex Energy Corp. has closed the final tranche of its previously announced non-brokered private placement for additional gross proceeds to the company of $2,854,799.80. Together with the first tranche of the offering, pursuant to which the company raised gross proceeds of $3,847,000 (please see the company's news release dated June 20, 2023, for further details), the company raised total gross proceeds from the offering of $6,701,799.80.

Pursuant to the final tranche, the company issued: (i) 4.31 million units of the company at a price of 50 cents per unit for aggregate gross proceeds of $2,155,000, 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 until July 6, 2025; and (ii) 1,166,333 units of the company at a price of 60 cents per unit for aggregate gross proceeds of $699,799.80, with each 60-cent unit comprising one flow-through common share and one warrant. The FT shares issued pursuant to the final tranche are intended to qualify as flow-through shares within the meaning of the Income Tax Act (Canada). In total pursuant to the offering, the company issued 10 million 50-cent units for total gross proceeds of $5-million and 2,836,333 60-cent units for total gross proceeds of $1,701,799.80.

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 Income Tax Act (Canada), which the company intends to renounce to the initial purchasers of the FT shares.

In connection with the closing of the final tranche, the company paid cash finders' fees totalling $70,174.99 and issued 137,083 finders' warrants entitling the holder(s) thereof to acquire shares at an exercise price of 75 cents per share. Each finder's warrant issued pursuant to the final tranche is exercisable until July 6, 2025. In total pursuant to the offering, the company paid cash finders' fees totalling $173,914.99 and issued 314,183 finders' warrants.

All securities issued in connection with the final tranche are subject to a statutory hold period, in accordance with applicable securities laws, expiring on Nov. 7, 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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