Vortex Energy Closes Charity Flow-Through Private Placement for Gross Proceeds of C$830,000

VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) -- Vortex Energy Corp. (CSE: VRTX | OTC: VTECF | FRA: AA3) ("Vortex” or the "Company") is pleased to announce that it has closed its previously announced non-brokered charity flow-through private placement of common shares of the Company (the “Offering”) for gross proceeds to the Company of C$830,000.52 pursuant to an arrangement with Wealth Creation Preservation & Donation Inc. (“WCPD”).

Pursuant to the Offering, the Company issued 2,441,178 “flow-through” common shares of the Company (each, a “Flow-Through Share”) at a price of C$0.34 per Flow-Through Share. The Flow-Through Shares issued under the Offering are intended to qualify as “flow through shares” within the meaning of the Income Tax Act (Canada) (the “Tax Act”).

The gross proceeds raised from the Offering are expected to 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.

In connection with the Offering, the Company has issued 103,750 finder’s warrants, entitling the holder thereof to acquire one non-flow-through common share at an exercise price of C$0.40 until March 25^th, 2026.

All securities issued in connection with the closing of the Offering are subject to a statutory hold period, in accordance with applicable securities laws, expiring on July 26^th, 2024.

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.