Business
Vortex Metals Announces Extension of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Vortex Metals Inc. (TSXV: VMS)...
About this update from Vortex Metals Inc
[{"type":"text","content":"Vortex Metals Announces Extension of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 27, 2025) - Vortex Metals Inc. (TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) (\"Vortex\" or the\" Company \") announces that, further to its news releases dated January 10, 2025 and January 13, 2025, the TSX Venture Exchange has granted the Company an extension to complete the second tranche of its previously announced non-brokered private placement of units of the Company (the \"Units\") at a price of $0.08 per Unit (the \"Second Tranche\"). The Company now has until February 26, 2025, to complete the Second Tranche.Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one Common Share at a price of $0.12 per Warrant for a period of two years from the date of issuance. The Company intends to use the proceeds of the Second Tranche for exploration activities at the Company's Illapel Copper Project in Chile and for general working capital purposes. All securities issued with respect to the Second Tranche will be subject to a hold period expiring four-months and one day after the date of issuance, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. None of the securities to be sold in connection with the Second Tranche will 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.The Company also announces that, effective January 27, 2024, subject to regulatory approval, it has engaged the services of Independent Trading Group (\"ITG\") to provide market-making services in accordance with TSX Venture Exchange policies. Under the agreement, ITG will receive compensation of CAD$5,000 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional on...