Vortex Metals plans private placement to raise up to $600,000

Vortex Metals Inc. (TSXV: VMS) announced a non-brokered private placement to raise up to $600,000 through the sale of units priced at $0.04 each.

The company will issue a maximum of 15 million units, with each unit comprising one common share and one-half warrant. Each whole warrant allows the holder to purchase an additional share at $0.08 within 36 months of issuance.

The warrants include an acceleration clause permitting Vortex to shorten the expiry date if the share price exceeds $0.15 for 10 consecutive trading days after 18 months from issuance.

Vortex plans to allocate the proceeds with approximately 40% designated for mining concession fees, 40% for exploration fees, and 20% for general working capital purposes.

The company may pay finders' fees in cash and non-transferable share purchase warrants, subject to TSX Venture Exchange policy compliance. All securities will be subject to a four-month and one-day hold period from the issuance date.

Completion of the offering requires regulatory approvals, including TSXV approval. The offering may close in multiple tranches as subscriptions are received.

Vortex Metals operates as a copper-gold exploration and development company with projects in Chile and Mexico. The company holds an option to acquire up to 80% interest in the Illapel Copper Project in Chile and owns 100% interest in two copper-gold properties in Oaxaca, Mexico through its subsidiary.

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