Vortex Metals raises private placement size to $1.4M

Vortex Metals Inc. (TSXV: VMS) (OTCQB: VMSSF) has increased its non-brokered private placement from up to 20,000,000 units to up to 28,000,000 units at $0.05 per unit, raising potential gross proceeds to $1,400,000, according to a company statement.

The company closed a first tranche on August 11, 2026, issuing 9,710,000 units for gross proceeds of $485,500. A second tranche of up to 18,290,000 units, targeting gross proceeds of up to $914,500, is expected to close by October 24, 2026, following an extension granted by the TSX Venture Exchange.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to purchase one additional share at $0.06 for 36 months from issuance. The warrants include an acceleration clause: if the share price closes at or above $0.20 for 10 consecutive trading days after 12 months from issuance, the company may shorten the warrant expiry to 30 calendar days from the date of notice.

Net proceeds are intended for exploration activities at the company's projects in Chile and Mexico, corporate development, and general working capital. Finders' fees in cash and warrants may be paid in connection with the second tranche, subject to TSXV approval.

All securities issued are subject to a hold period expiring four months and one day from issuance. Completion of the offering remains subject to regulatory approvals, including TSXV approval.

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