Vortex Metals arranges $850,000 financing

Executive Summary

• Vortex Metals Inc. announced a non‑brokered private placement of up to 17 million units at $0.05 per unit, targeting gross proceeds of up to $850,000.
• Each unit consists of one common share and half of a common‑share purchase warrant (exercisable at $0.06 for three years, with an acceleration clause).
• Proceeds will be used to fund exploration at the Illapel copper‑silver project in Chile and for general working capital.

Key Details

• Units Offered: 17 million units @ $0.05 per unit → $850,000 maximum gross proceeds.
• Unit Composition: 1 common share + ½ warrant (each warrant = right to purchase 1 common share at $0.06).
• Warrant Terms: Exercisable for three years from issuance; acceleration clause triggers after 12 months if the trading price remains above $0.20 for 10 consecutive days.
• Use of Proceeds: Primarily for exploration activities at the Illapel copper‑silver project in Chile; remainder for general working capital.
• Holding Period: All securities subject to a lock‑up of four months and one day from issuance per securities law requirements.
• Closing Conditions: Subject to regulatory approvals (including TSX Venture Exchange); may close in multiple tranches as subscriptions are received.
• Finder’s Fees: May be payable in accordance with exchange policies.

Notable Quotes

(No direct quotes provided in the release.)