VANCOUVER, BC, April 11,
2024 /CNW/ - Vortex Metals Inc. (TSXV:
VMS) (FSE: DM8) (OTCQB: VMSSF) ("Vortex Metals" or the
"Company") is pleased to announce that it intends to
complete a non-brokered private placement (the "Private Placement")
of up to 16,111,111 units (the "Units") to be sold at a price of
$0.09 per Unit for total gross
proceeds of up to $1,450,000.
Each Unit will be comprised of one common share in the capital
of the Company (each, a "Common Share") and one-half of one
non-transferable Common Share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant is exercisable by the holder
thereof to acquire one additional Common Share (a "Warrant
Share") for a period of 24 months from the date of issuance at
a price of $0.135 per Warrant
Share.
The Company intends to use the net proceeds for general working
capital and exploration expenses.
Finder's fees may be paid to certain finders in connection with
the Offering, such fees being:
a cash fee of 8% of the gross proceeds raised from subscribers
introduced to the Company by the finders; and
to eligible parties, such number of finder's warrants (the
"Finder's Warrants") equal to 8% of the number of Units
acquired by subscribers introduced to the Company by the finders.
Each Finder's Warrant will entitle the holder thereof to purchase
one Share at a price of $0.135 per
share for 24 months from the date of issuance.
All securities issued with respect to the Private Placement will
be subject to a hold period of four months and one day from the
date of issuance in accordance with applicable securities laws.
Closing of the Private Placement is subject to receipt of all
necessary regulatory approvals, including the TSX Venture
Exchange.
None of the securities sold under the Private Placement have
been and will not be registered under the United States Securities
Act of 1933, as amended, and no such securities may be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in the United
States or any jurisdiction in which such offer, solicitation
or sale would be unlawful.
About Vortex Metals Inc.
Vortex Metals Inc. is the parent company of Mexican
subsidiary Empresa Minera Acagold, S.A. de C.V., which is the owner
of a 100% interest in two drill-ready high-potential copper
volcanogenic massive sulfide (VMS) properties (Riqueza Marina and Zaachila) in the state of Oaxaca, and a third high-potential gold
property (El Rescate) in the state of Puebla. The Oaxaca projects incorporate the most highly
prospective areas of high-grade copper mineralized surface
exposures ('gossans') and prominent gravity anomalies along an
emerging copper VMS belt that includes Minaurum Gold's (TSXV:MGG)
Santa Marta project.
Forward-Looking Statements
This press release may contain forward looking statements
that are made as of the date hereof and are based on current
expectations, forecasts and assumptions which involve risks and
uncertainties associated with our business including permitting
approvals, any private placement financings, the uncertainty as to
whether further exploration will result in the target(s) being
delineated as a mineral resource, capital expenditures, operating
costs, mineral resources, recovery rates, grades and prices,
estimated goals, expansion and growth of the business and
operations, plans and references to the Company's future successes
with its business and the economic environment in which the
business operates. All such statements are made pursuant to the
'safe harbour' provisions of, and are intended to be
forward-looking statements under, applicable Canadian securities
legislation. Any statements contained herein that are statements of
historical facts may be deemed to be forward-looking statements. By
their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties. We
caution readers of this news release not to place undue reliance on
our forward-looking statements as a number of factors could cause
actual results or conditions to differ materially from current
expectations. Please refer to the risks set forth in the Company's
most recent annual MD&A and the Company's continuous disclosure
documents that can be found on SEDAR at www.sedar.com. The Company
does not intend, and disclaims any obligation, except as required
by law, to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Vortex Metals
