Vortex Metals extends private placement deadline by 30 days

Vortex Metals Inc. (TSXV: VMS) has applied to the TSX Venture Exchange for a 30-day price protection extension to complete the second tranche of its non-brokered private placement, according to a company statement.

The mining company plans to sell units at $0.05 each in the coming weeks. Each unit includes one common share and half of a common share purchase warrant. The warrants can be exercised at $0.06 per share for three years from issuance.

The warrant expiry date may be accelerated if the company's share price reaches or exceeds $0.20 for 10 consecutive trading days after 12 months from issuance. In such cases, warrant holders would have 30 days to exercise after receiving notice.

Vortex intends to use proceeds from the placement for exploration activities at its Illapel Copper-Silver Project in Chile and general working capital purposes. The company holds an option to acquire up to 80% interest in the Chilean project.

Through its Mexican subsidiary, Vortex owns 100% interest in two copper-gold properties in Oaxaca, Mexico: Riqueza Marina and Zaachila.

Completion of the second tranche requires additional subscriptions and regulatory approvals, including TSXV approval. Securities issued will be subject to a four-month and one-day hold period after issuance.

The securities will not be registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without registration or applicable exemption.

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