15:30:02 EDT Sat 22 Jun 2024
Enter Symbol
or Name

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Vortex Metals Inc
Symbol VMS
Shares Issued 60,080,057
Close 2024-04-11 C$ 0.11
Market Cap C$ 6,608,806
Recent Sedar Documents

Vortex Metals arranges $1.45-million financing

2024-04-11 18:03 ET - News Release

Mr. Vikas Ranjan reports


Vortex Metals Inc. intends to complete a non-brokered private placement of up to 16,111,111 units to be sold at a price of nine cents per unit for total gross proceeds of up to $1.45-million.

Each unit will comprise one common share in the capital of the company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable by the holder thereof to acquire one additional common share for a period of 24 months from the date of issuance at a price of 13.5 cents per warrant share.

The company intends to use the net proceeds for general working capital and exploration expenses.

Finders' fees may be paid to certain finders in connection with the offering, such fees being:

  • A cash fee of 8 per cent of the gross proceeds raised from subscribers introduced to the company by the finders;
  • To eligible parties, such number of finders' warrants equal to 8 per cent of the number of units acquired by subscribers introduced to the company by the finders. Each finder's warrant will entitle the holder thereof to purchase one share at a price of 13.5 cents per share for 24 months from the date of issuance.

All securities issued with respect to the private placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. Closing of the private placement is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange.

About Vortex Metals Inc.

Vortex Metals is the parent company of Mexican subsidiary Empresa Minera Acagold S.A. de C.V., which is the owner of a 100-per-cent interest in two drill-ready high-potential copper volcanogenic massive sulphide (VMS) properties (Riqueza Marina and Zaachila) in the state of Oaxaca, and a third high-potential gold property (El Rescate) in the state of Puebla. The Oaxaca projects incorporate the most highly prospective areas of high-grade copper mineralized surface exposures (gossans) and prominent gravity anomalies along an emerging copper VMS belt that includes Minaurum Gold's Santa Marta project.

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