Vortex Metals announces private placement to raise up to $850,000

Vortex Metals Inc. (TSXV: VMS) announced a non-brokered private placement offering to raise gross proceeds of up to $850,000 through the sale of 17 million units priced at $0.05 each.

Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase additional shares at $0.06 per share for three years from issuance. The warrants include an acceleration clause permitting early exercise if the stock price remains above $0.20 for 10 consecutive trading days after the first 12 months.

The Vancouver-based company plans to use proceeds for exploration activities at its Illapel Copper-Silver Project in Chile and general working capital purposes. All securities from the offering will be subject to a four-month and one-day hold period under applicable securities laws.

Closing of the offering requires regulatory approvals, including from the TSX Venture Exchange. The company may complete the offering in multiple tranches as subscriptions are received, and finder's fees may be payable according to exchange policies.

Vortex Metals operates as a copper-gold exploration and development company with projects in Chile and Mexico. The company holds an option to acquire up to 80% interest in the Illapel Copper Project in Chile and owns 100% interest in two copper-gold properties in Oaxaca, Mexico through its subsidiary.

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