Vortex Metals Announces Extension of Non-Brokered Private Placement
Vancouver, British Columbia–(Newsfile Corp. – January 27, 2025) – Vortex Metals Inc. (TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) (“Vortex” or the” Company “) announces that, further to its news releases dated January 10, 2025 and January 13, 2025, the TSX Venture Exchange has granted the Company an extension to complete the second tranche of its previously announced non-brokered private placement of units of the Company (the “Units“) at a price of $0.08 per Unit (the “Second Tranche“). The Company now has until February 26, 2025, to complete the Second Tranche.
Each Unit consists of one common share in the capital of the Company (a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable into one Common Share at a price of $0.12 per Warrant for a period of two years from the date of issuance.
The Company intends to use the proceeds of the Second Tranche for exploration activities at the Company’s Illapel Copper Project in Chile and for general working capital purposes.
All securities issued with respect to the Second Tranche will be subject to a hold period expiring four-months and one day after the date of issuance, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
None of the securities to be sold in connection with the Second Tranche will 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.
The Company also announces that, effective January 27, 2024, subject to regulatory approval, it has engaged the services of Independent Trading Group (“ITG”) to provide market-making services in accordance with TSX Venture Exchange policies. Under the agreement, ITG will receive compensation of CAD$5,000 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated. ITG has a business address of 33 Yonge Street, Suite 420, ON, M5G 1G4. The Company and ITG are arm’s length parties, and ITG has no interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
About Vortex Metals Inc.
Vortex Metals Inc. is a copper focused exploration and development company with a diversified portfolio of exploration projects in Chile and Mexico. Vortex holds an option to acquire up to 80% interest in the brownfield Illapel Copper Project in Chile and through its Mexican subsidiary Empresa Minera Acagold, S.A. de C.V., it owns 100% interest in two drill-ready high-potential copper-gold volcanogenic massive sulfide (VMS) properties, Riqueza Marina and Zaachila in Oaxaca, Mexico. The company emphasizes responsible exploration, community engagement, and environmental stewardship to meet the rising global demand for copper sustainably.
For further information regarding this press release contact:
Vikas Ranjan,
Chief Executive Officer and Director
Email: vranjan@vortexmetals.ca
Forward-Looking Statements
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including permitting approvals, any private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as several factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedarplus.ca . The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The Company cautions that mineralization on, or production from, neighbouring properties is no guarantee of the existence of similar mineralization or a guarantee of future production from the Illapel Project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
