Vortex Metals Issues Correction to Previously Closed Non-Brokered Private Placement

Rhea-AI Summary

Vortex Metals has issued a correction related to a previously closed non-brokered private placement. Initially reported on May 7, 2024, the company excluded 360,000 units subscribed by an investor in its earlier announcement. These units have now been included, bringing the total to 19,729,411 common shares and 9,864,706 share purchase warrants. The total amount raised from the private placement is C$1,775,646.99. All other details remain unchanged.

Positive

• Inclusion of 360,000 units previously omitted, ensuring accurate record-keeping.
• Total amount raised in the private placement stands at C$1,775,646.99, indicating successful fundraising.
• Issuance of 19,729,411 common shares and 9,864,706 share purchase warrants, enhancing liquidity.

Negative

• Initial reporting error in private placement details, potentially affecting investor trust.
• Delay in the correction could have caused temporary uncertainty among shareholders.

VANCOUVER, BC, May 14, 2024 /PRNewswire/ - Vortex Metals Inc. (TSXV: VMS) (FSE: DM8) (OTCQB: VMSSF) ("Vortex" or the "Company") announces a correction regarding the TSX Venture Exchange (the "Exchange") bulletin dated May 07, 2024 regarding the previously closed private placement on April 25th, 2024.

The Company has informed the Exchange that it inadvertently excluded 360,000 units subscribed by an investor. These units have now been issued and included in the final tally.

As a result, the updated details of the private placement are as follows: 19,729,411 common shares and 9,864,706 share purchase warrants, with the total amount raised in the private placement being C$1,775,646.99.

All other information remains unchanged.

About Vortex Metals Inc.

Vortex Metals Inc. is the parent company of Mexican subsidiary Empresa Minera Acagold, S.A. de C.V., which is the owner of a 100% interest in two drill-ready high-potential copper volcanogenic massive sulfide (VMS) properties (Riqueza Marina and Zaachila) in the state of Oaxaca, and a third high-potential gold property (El Rescate) in the state of Puebla. The Oaxaca projects incorporate the most highly prospective areas of high-grade copper mineralized surface exposures ('gossans') and prominent gravity anomalies along an emerging copper VMS belt that includes Minaurum Gold's (TSXV:MGG) Santa Marta project.

Forward-Looking Statements

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including permitting approvals, any private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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 release.

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SOURCE Vortex Metals

FAQ

What correction did Vortex Metals make to their private placement announcement?

Vortex Metals corrected the exclusion of 360,000 units subscribed by an investor in their initial private placement announcement.

How many common shares were issued in Vortex Metals' corrected private placement?

Vortex Metals issued 19,729,411 common shares in their corrected private placement.

What is the total amount raised in Vortex Metals' corrected private placement?

The total amount raised in Vortex Metals' corrected private placement is C$1,775,646.99.

How many share purchase warrants were issued in Vortex Metals' corrected private placement?

Vortex Metals issued 9,864,706 share purchase warrants in their corrected private placement.

When did Vortex Metals close their corrected private placement?

Vortex Metals closed their corrected private placement on April 25, 2024.

What is the ticker symbol for Vortex Metals on the TSX Venture Exchange?

The ticker symbol for Vortex Metals on the TSX Venture Exchange is VMS.

Which stock exchange bulletin was corrected by Vortex Metals regarding their private placement?

The TSX Venture Exchange bulletin dated May 7, 2024, was corrected by Vortex Metals regarding their private placement.

What mistake was made in Vortex Metals' initial private placement report?

Vortex Metals initially excluded 360,000 units subscribed by an investor in their private placement report.