Mining
Monday, March 4th, 2024 3:42 pm EDT
Key Points
- Vortex Energy Corp. plans to conduct a non-brokered charity flow through private placement of approximately 2.44 million common shares at a price of $0.34 per share, aiming to raise about $830,000.
- The proceeds from this placement will be utilized to incur eligible Canadian exploration expenses for the Robinsons River Salt Project, intended to qualify as flow-through mining expenditures under the Income Tax Act (Canada).
- The closing of the placement is expected around March 22nd, 2024, subject to regulatory approvals, and the securities issued will be subject to a four-month hold period.
Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) (“Vortex” or the “Company“) is pleased to announce that it intends to complete a non-brokered charity flow through private placement of 2,441,178 common shares of the Company (“CS“) at a price of $0.34 per CS for aggregate gross proceeds of approximately $830,000.52 (“FT Offering“). The CS 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 gross proceeds of the FT Offering will be used by the Company to incur eligible “Canadian exploration expenses” that are intended to qualify as “flow-through mining expenditures,” as such terms are defined in the Tax Act related to the Company’s Robinsons River Salt Project. Subject to compliance with the policies of the Canadian Securities Exchange (“CSE“) and applicable securities legislation, the Company may pay finder’s fees in connection with the FT Offering.
The Company anticipates closing of the FT Offering to occur on or about March 22nd , 2024. Closing of the FT Offering is subject to the Company’s receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange. The securities issued pursuant to the FT Offering will be subject to a four-month hold period from the closing date.
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 Robinson River Salt Project is prospective for both salt and hydrogen salt cavern storage. The company is actively evaluating technologies to efficiently store hydrogen or energy in salt caverns. Vortex Energy Corp. also holds the Fire Eye Project, which is located in the Wollaston Domain of northern Saskatchewan, Canada.
On Behalf of the Board of Directors
Paul Sparkes
Chief Executive Officer, Director
+1 (778) 819-0164
info@vortexenergycorp.com
