In This Article:
VANCOUVER, BC, April 11, 2024 /CNW/ - Vortex Metals Inc. (TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) ("Vortex Metals" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement (the "Private Placement") of up to 16,111,111 units (the "Units") to be sold at a price of $0.09 per Unit for total gross proceeds of up to $1,450,000.
Each Unit will be comprised of one common share in the capital of the Company (each, a "Common Share") and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable by the holder thereof to acquire one additional Common Share (a "Warrant Share") for a period of 24 months from the date of issuance at a price of $0.135 per Warrant Share.
The Company intends to use the net proceeds for general working capital and exploration expenses.
Finder's fees may be paid to certain finders in connection with the Offering, such fees being:
a cash fee of 8% of the gross proceeds raised from subscribers introduced to the Company by the finders; and
to eligible parties, such number of finder's warrants (the "Finder's Warrants") equal to 8% 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 $0.135 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.
None of the securities sold under the Private Placement have been and will not be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Vortex Metals Inc.
Vortex Metals Inc. is the parent company of Mexican subsidiary Empresa Minera Acagold, S.A. de C.V., which is the owner of a 100% interest in two drill-ready high-potential copper volcanogenic massive sulfide (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 (TSXV:MGG) Santa Marta project.