Vortex Energy Corp. Announces Private Placement
December 28 2023 - 6:31PM
Vortex Energy Corp. (CSE:
VRTX) (OTC:
VTECF) (FSE:
AA3)
(“
Vortex” or the “
Company”)
announces that it intends to complete a non-brokered private
placement financing (the “
Private Placement”) of
up to 3,750,000 units of the Company (“
Units”) at
a price of $0.40 per Unit for aggregate gross proceeds of up to
$1,500,000.
Each Unit shall consist of one common share in
the capital of the Company (“Share”) and one
(Share purchase warrant (“Warrant”), with each
Warrant entitling the holder thereof to purchase a Share at an
exercise price of $0.50 for a period of 24 months from the date of
issuance.
Closing of the Private Placement is anticipated
to occur on or about January 12, 2024. Closing is subject to
certain conditions, including, but not limited to, the receipt of
all necessary regulatory and other approvals. The net proceeds of
the Private Placement are intended to be used for general and
administrative expenditures.
Subject to compliance with applicable regulatory
requirements and in accordance with National Instrument 45-106 –
Prospectus Exemptions (“NI 45-106”), the Units
issuable under the Private Placement will be offered for sale to
purchasers resident in all of the provinces of Canada (except
Quebec) pursuant to the listed issuer financing exemption under
Part 5A.2 of NI 45-106 (the “LIFE Exemption”).
Because the Private Placement is to be completed pursuant to the
LIFE Exemption, the securities issued to Canadian resident
subscribers in the Private Placement will not be subject to resale
restrictions in accordance with applicable Canadian securities
laws.
There is an offering document dated December 28,
2023 related to the Private Placement that can be accessed under
the Company’s profile at www.sedarplus.ca and on the Company’s
website at www.vortexenergycorp.com. This offering document
contains additional detail regarding the Private Placement,
including additional detail regarding the expected use of proceeds
from the Private Placement. Prospective investors should read this
offering document before making an investment decision.
The Company also notes that it will no longer be
moving forward with the non-flow through offering it had announced
on November 28, 2023.
The securities described herein have not been
and will not be registered under the United States Securities Act
of 1933, as amended, or any U.S. state securities laws, and may not
be offered or sold in the United States absent registration or
available exemptions from such registration requirements. This
press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities in the United
States, or in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Vortex Energy Corp.
Vortex Energy Corp. is an exploration stage
company engaged principally in the acquisition, exploration, and
development of mineral properties in North America. The Company is
currently advancing its Robinson River Salt Project comprised of a
total of 942 claims covering 23,500 hectares located approximately
35 linear kms south of the town of Stephenville in the Province of
Newfoundland & Labrador. The Robinsons River Salt Project is
prospective for both salt and hydrogen salt cavern storage. The
Company is also evaluating technologies to efficiently store
hydrogen or energy in salt caverns. Vortex also holds the Fire Eye
Project, which is located in the Wollaston Domain of northern
Saskatchewan, Canada.
On Behalf of the Board of
Directors
Paul SparkesChief Executive Officer, Director+1 (778)
819-0164info@vortexenergycorp.com
Cautionary Note Regarding
Forward-Looking Statements
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words “could”, “intend”, “expect”, “believe”, “will”,
“projected”, “estimated” and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company’s
current belief or assumptions as to the outcome and timing of such
future events.
In particular, this press release contains
forward-looking information relating to, among other things, the
Private Placement, including the total anticipated proceeds, the
expected use of proceeds and the closing (including the proposed
closing date) of the Private Placement. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information,
including the assumption that the Company will close the Private
Placement on the timeline anticipated, will raise the anticipated
amount of gross proceeds from the Private Placement and will use
the proceeds of the Private Placement as anticipated. Those
assumptions and factors are based on information currently
available to the Company. Although such statements are based on
reasonable assumptions of the Company’s management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate.
Forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include: the risk that the Private Placement does not close
on the timeline expected, or at all; the risk that the Company
raises less than the anticipated amount of gross proceeds from the
Private Placement; the risk that the Company does not use the
proceeds from the Private Placement as currently expected; risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in project parameters as plans
continue to be redefined and the risk that exploration and
development activities will cost more than the amount budgeted for
such activities by the Company; risks relating to changes in
mineral prices and the worldwide demand for and supply of minerals;
risks related to increased competition and current global financial
conditions; access and supply risks; risks associated with the
Company’s reliance on key personnel; operational risks; regulatory
risks, including risks relating to the acquisition of the necessary
licenses and permits; financing, capitalization and liquidity
risks; title and environmental risks; and risks relating to the
failure to receive all requisite regulatory approvals. The
forward-looking information contained in this release is made as of
the date hereof, and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
The Canadian Securities Exchange (CSE)
has not reviewed, approved, or disapproved the contents of this
press release.
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