Vortex Energy Corp. (VTECF: OTCQB) | Vortex Announces Closing of Private Placement of C$400,000 of Unsecured Convertible Debentures
Vortex Energy Corp. Closes Private Placement
Vortex Energy Corp. has successfully closed a non-brokered private placement of unsecured convertible debentures with the following key details:
Offering Specifics
- Total proceeds: C$400,000
- Debentures denominated in C$1,000 principal amounts
- Maturity Date: January 24, 2026
Debenture Terms
- Interest rate: 10% per annum
- Interest calculated quarterly and payable on Maturity Date
- The company can prepay the outstanding amount with 30 days’ written notice
Conversion Details
- Convertible into company units at the holder’s election
- Conversion price based on the greater of:
- Most recent closing price of common shares
- $0.05
- Each unit comprises:
- One common share
- One common share purchase warrant
- Warrant allows acquiring one common share at 110% of market price for 24 months
Use of Proceeds
- The net proceeds will be used for general and administrative expenses, including working capital
Additional Notes
- Securities are subject to a four-month and one-day hold period, expiring on May 29, 2025
Company Background
Fire Eye Uranium Property in the Athabasca Basin
Vortex Energy is an exploration-stage company focused on mineral properties in North America
Currently advancing two key projects:
Robinsons River Salt Project (942 claims covering 23,500 hectares)
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