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Vortex Metals Inc ( (TSE:VMS) ) has issued an announcement.
Vortex Metals has closed a non-brokered private placement for gross proceeds of $474,900, issuing 9,498,000 units at $0.05, each comprising one common share and a half warrant exercisable at $0.06 for three years. Insiders subscribed for 2,000,000 units, and part of the proceeds will fund exploration at the Illapel Copper-Silver Project in Chile, with the financing subject to final TSX Venture Exchange approval.
The company will extend by one year the expiry of 9,864,707 warrants issued in April 2024 and has agreed to settle US$75,000 (C$103,500) of an upcoming option payment to Windows Minerals SCM through a shares-for-debt arrangement. The debt conversion reduces near-term cash obligations related to its option to earn up to 80% of the Illapel Copper project, supporting ongoing project advancement while preserving working capital.
More about Vortex Metals Inc
Vortex Metals Inc. is a mineral exploration company listed on the TSX Venture Exchange, Frankfurt Stock Exchange, and OTCQB. The company is focused on advancing its Illapel Copper-Silver Project in Chile, targeting copper and silver resources while funding exploration and corporate activities through equity financings.
Average Trading Volume: 213,962
Technical Sentiment Signal: Sell
Current Market Cap: C$5.48M
For detailed information about VMS stock, go to TipRanks’ Stock Analysis page.