Vortex Announces Private Placement for up to C$2M
28 Novembre 2023 - 11:30PM
Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3)
("
Vortex” or the "
Company") is
pleased to announce a non-brokered private placement for gross
proceeds of up to C$2,000,000 (the “
Offering”).
The Offering is expected to consist of the
offering of: (i) units of the Company at a price of $0.35 per unit
(the “$0.35 Unit”) for aggregate gross proceeds of
up to C$1,000,000, with each $0.35 Unit comprised of one
non-flow-through common share of the Company (each, a
“Share”) and one Share purchase warrant of the
Company entitling the holder to acquire one Share (each, a
“Warrant Share”) at a price of C$0.50 per Warrant
Share for a period of twenty-four months from the date of issuance
(the “Non-Flow Through Offering“); and (ii) units
of the Company at a price of $0.43 per unit (the “$0.43
Unit”) for aggregate gross proceeds of up to C$1,000,000,
with each $0.43 Unit comprised of one flow-through common share
(each, a “FT Share”) and one Share purchase
warrant of the Company entitling the holder to acquire one Warrant
Share at a price of C$0.55 per Warrant Share for a period of
twenty-four months from the date of issuance (the “FT
Offering”). The FT Shares issued under the FT Offering are
intended to qualify as “flow through shares” within the meaning of
the Income Tax Act (Canada) (the “Tax Act“).
The Company intends to use the net proceeds
raised from the Offering for exploration expenses in respect of the
Company’s existing exploration projects, including at the Company’s
Robinsons River Salt Project in Newfoundland & Labrador, and
general working capital purposes. The gross proceeds from the sale
of the FT Shares will be used to incur “Canadian exploration
expenses” that are intended to qualify as “flow-through mining
expenditures” as those terms are defined in the Tax Act, which the
Company intends to renounce to the initial purchasers of the FT
Shares.
All securities issued in the Offering will be
subject to a statutory four month and one day hold period. Closing
of the Offering is subject to the Company’s receipt of all
necessary regulatory approvals, including approval of the Canadian
Securities Exchange. The Offering is expected to close on or about
December 8, 2023.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Vortex Energy Corp.
Vortex Energy Corp. is an exploration stage
company engaged principally in the acquisition, exploration, and
development of mineral properties in North America. The Company is
currently advancing its Robinson River Salt Project comprised of a
total of 942 claims covering 23,500 hectares located approximately
35 linear kms south of the town of Stephenville in the Province of
Newfoundland & Labrador. The Robinsons River Salt Project is
prospective for both salt and hydrogen salt cavern storage. The
Company is also evaluating technologies to efficiently store
hydrogen or energy in salt caverns. Vortex also holds the Fire Eye
Project, which is located in the Wollaston Domain of northern
Saskatchewan, Canada.
On Behalf of the Board of
DirectorsPaul Sparkes Chief Executive Officer, Director +1
(778) 819-0164info@vortexenergycorp.com
Cautionary Note Regarding
Forward-Looking Statements
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words “could”, “intend”, “expect”, “believe”, “will”,
“projected”, “estimated” and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company’s
current belief or assumptions as to the outcome and timing of such
future events.
In particular, this press release contains
forward-looking information relating to, among other things, the
Offering, including the total anticipated proceeds, the expected
use of proceeds, the Company’s expectation that the FT Shares will
qualify as flow-through shares as defined in the Tax Act and the
closing (including the proposed closing date) of the Offering.
Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking information, including the assumption that the
Company will close the Offering on the timeline anticipated, will
raise the anticipated amount of gross proceeds from the Offering
and will use the proceeds of the Offering as anticipated. Those
assumptions and factors are based on information currently
available to the Company. Although such statements are based on
reasonable assumptions of the Company’s management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate.
Forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include: the risk that the Offering does not close on the
timeline expected, or at all; the risk that the Company raises less
than the anticipated amount of gross proceeds from the Offering;
the risk that the Company does not use the proceeds from the
Offering as currently expected; the risk that the FT Shares do not
qualify as flow-through shares as defined in the Tax Act; risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in project parameters as plans
continue to be redefined and the risk that exploration and
development activities will cost more than the amount budgeted for
such activities by the Company; risks relating to changes in
mineral prices and the worldwide demand for and supply of minerals;
risks related to increased competition and current global financial
conditions; access and supply risks; risks associated with the
Company’s reliance on key personnel; operational risks; regulatory
risks, including risks relating to the acquisition of the necessary
licenses and permits; financing, capitalization and liquidity
risks; title and environmental risks; and risks relating to the
failure to receive all requisite regulatory approvals. The
forward-looking information contained in this release is made as of
the date hereof, and the Company is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
The Canadian Securities Exchange has not
reviewed, approved, or disapproved the contents of this press
release.
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