Vortex Metals raises $474,900 in private placement, extends warrants

Vortex Metals Inc. (TSXV: VMS) closed the first tranche of its non-brokered private placement, raising gross proceeds of $474,900 through the issuance of 9.498 million units at $0.05 per unit.

Each unit consists of one common share and one-half warrant. The warrants are exercisable at $0.06 per share for three years, with an acceleration provision allowing the company to shorten the expiry period to 30 days if shares trade above $0.20 for 10 consecutive days after the first 12 months.

The company paid $15,600 in finder's fees and issued 312,000 finder's warrants exercisable at $0.06 for 36 months. Company insiders participated by purchasing 2 million units for $100,000.

Vortex plans to use proceeds for exploration at its Illapel Copper-Silver Project in Chile and general working capital. Securities from the offering are subject to a hold period until August 8, 2026.

The company announced it will extend 9.864 million warrants issued April 25, 2024, with an exercise price of $0.135, from their original April 25, 2026 expiry date to April 25, 2027, pending regulatory approval.

Vortex also agreed to settle $103,500 in debt to Windows Minerals SCM by issuing 2.07 million shares at $0.05 per share. This represents 50% of an option payment due in May 2025 related to the Illapel Copper project option agreement.

The transactions remain subject to TSX Venture Exchange approval.

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