Business
Vortex Metals Closes First Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Vortex Metals Inc. (TSXV: VMS)...
About this update from Vortex Metals Inc
[{"type":"text","content":"Vortex Metals Closes First Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Vortex Metals Inc. (TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) (\"Vortex\" or the\" Company \") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the \"First Tranche\"), whereby the Company has completed the issuance of 5,036,700 units (each, a \"Unit\") at a price of $0.08 per Unit for gross proceeds of $402,935.96. 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 First Tranche for exploration activities at the Company's Illapel Copper Project in Chile and for general working capital purposes. In connection with the First Tranche, the Company issued 15,000 finder's warrants (the \"Finder's Warrants\") and paid commissions of $1,200 to certain finders. Each Finder's Warrant entitles the holder to purchase an additional Common Share at a price of $0.12 for a period of 24 months from the date of issuance.All securities issued with respect to the First Tranche, including the Finder's Warrants, will be subject to a hold period expiring on May 14, 2025 in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Company anticipates closing a second tranche of the private placement, subject to customary closing conditions, including approval of the TSX Venture Exchange.In connection with the closing, insiders of the Company subscribed for a total of 575,000 Units, for a subscription price of $46,000, under the Private Placement (the \"Insider Subscription\"). The Insider Subscription constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, in respect of the Insider Subscript...