Vancouver, 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 one-month terms unless terminated. ITG has a business address of 33 Yonge Street, Suite 420, ON, M5G 1G4. The Company and ITG are arm's length parties, and ITG has no interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
About Vortex Metals Inc.
Vortex Metals Inc. is a copper focused exploration and development company with a diversified portfolio of exploration projects in Chile and Mexico. Vortex holds an option to acquire up to 80% interest in the brownfield Illapel Copper Project in Chile and through its Mexican subsidiary Empresa Minera Acagold, S.A. de C.V., it owns 100% interest in two drill-ready high-potential copper-gold volcanogenic massive sulfide (VMS) properties, Riqueza Marina and Zaachila, in Oaxaca, Mexico. The Company emphasizes responsible exploration, community engagement, and environmental stewardship to meet the rising global demand for copper.
Contact Information:
Vikas Ranjan, President and CEO
vranjan@vortexmetals.ca
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 news release.
Forward-Looking Statements
This release includes statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements," are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the completion of the Second Tranche and the intended use of proceeds raised thereunder.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain the required regulatory approvals for the Second Tranche; market uncertainty; the inability of the Company to complete the Second Tranche on the terms disclosed, or at all; and changes in the Company's business plans impacting the intended use of proceeds raised under the Second Tranche.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the Company will obtain the required regulatory approvals for the Second Tranche and the Company will use the proceeds of the Second Tranche as currently anticipated. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
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SOURCE: Vortex Metals Inc.
