Vortex Metals arranges $600,000 private placement

Executive Summary

• Vortex Metals Inc. announced a non‑brokered private placement to raise up to $600,000 in gross proceeds.
• The offering consists of up to 15 million units at $0.04 per unit, each unit containing one common share and half of a common share purchase warrant (full warrant exercisable at $0.08 for 36 months).
• Proceeds will be allocated roughly 40% to mining concession fees, 40% to exploration fees, and 20% to general working capital.

Key Details

• Units Offered: Up to 15 million units (each = 1 common share + ½ warrant).
• Price per Unit: $0.04 (four cents).
• Gross Proceeds Target: Up to $600,000.
• Warrant Terms: Each whole warrant allows purchase of one additional share at an exercise price of $0.08; exercisable for 36 months from issuance.
• Acceleration Clause: If, after 18 months, the share price exceeds $0.15 for ten consecutive days, Vortex may accelerate the warrant expiry date.
• Use of Proceeds:
• ~40% for mining concession fees.
• ~40% for exploration fees.
• ~20% for general working capital.
• Finders’ Fees: May be paid in cash and non‑transferable share purchase warrants, subject to TSX Venture Exchange policies.
• Holding Period: All securities subject to a hold period of four months and one day from issuance per applicable securities laws.
• Regulatory Conditions: Completion and any finders’ fees are contingent upon receipt of all required regulatory approvals, including TSX‑V approval.
• Closing Structure: Offering may close in multiple tranches as subscriptions are received.

Notable Quotes

(No direct quotes were provided in the release.)