Vortex Energy Announces $830,000 Charity Flow Through Offering
March 04 2024 - 8:00AM
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) 819-0164info@vortexenergycorp.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains “forward-looking information” within
the meaning of applicable securities laws. Forward-looking
information in this news release relate to future events or future
performance and reflect current estimates, predictions,
expectations or beliefs regarding future events and include, but
are not limited to, statements with respect to: FT Offering,
including as to the timing of closing, if either is to close at
all, the anticipated use of proceeds, the payment of finder’s
fees, the ability to obtain all necessary regulatory approvals, and
the statements in regards to the Company’s plans and strategies.
The Company provides forward-looking statements for the purpose of
conveying information about current expectations and plans relating
to the future and readers are cautioned that such statements may
not be appropriate for other purposes. By its nature, this
information is subject to inherent risks and uncertainties that may
be general or specific and which give rise to the possibility that
expectations, forecasts, predictions, projections, or conclusions
will not prove to be accurate, that assumptions may not be correct,
and that objectives, strategic goals and priorities will not be
achieved. These risks and uncertainties include but are not limited
those identified and reported in the Company’s public filings under
the Company’s SEDAR profile at www.sedar.com. Although the Company
has attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. The Company disclaims any intention or obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise unless
required by law.
The Canadian Securities Exchange (CSE) has not
reviewed, approved, or disapproved the contents of this press
release.
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