Vortex Energy Corp. (OTC:VTECF) Stock Correct From Highs: What’s the Buzz?
Considering the fact that the company had been in sharp focus last Friday, it may be a good move for investors to keep track of the Vortex Energy Corp. (OTC:VTECF) stock today. On October 27, the company hit the headlines after it announced that it had chosen a wireline survey contractor in the form of DGI Geoscience Inc. for a fully permitted exploration initiative at the Robinsons River Salt Project, its flagship property.
The consultant partner of the company, RESPEC Consulting Inc., was responsible for choosing DGI Geoscience after conducting a detailed and competitive analysis and qualification process. DGI is a specialist in coming up with accurate and cost-effective in-situ borehole hydrological, televiewer, directional, and geophysical survey data. It served its clients on more than 600 projects stretching across seven continents and worked directly with underground as well as surface mines and exploration firms.
It also worked on infrastructure and civil projects and helped with data collection and modeling for evidence-based decision-making and higher-value drilling. For Vortex Energy, DGI would be responsible for conducting surveys on the pair of drill holes that would be drilled at the company’s property. Using a range of methods and equipment, the drill holes would be surveyed twice. It was noted in the news release that the first drill holes would be surveyed for up to 200 meters in the initial stage. It would be surveyed again following the completion of the drilling.
DGI would survey the second drill to up to 300 meters in the initial stage and would be surveyed again once the drilling was completed. It was revealed that the surveys would start at some point in November. The Chief Executive Officer of Vortex Energy, Paul Sparkles, spoke about the development too. He noted that everyone at the company was pleased to have appointed DGI. He also called DGI a leader in the field of wireline surveying.
On October 20, Vortex Energy made another key announcement when it revealed that it had extended its engagement with Financial Star News Inc. As per the new agreement, Financial Star would provide Vortex Energy with marketing services for an additional 45 days starting on October 23, 2023. However, at the time, it was noted that the extension would come into effect as long as the company had the final say on either the shortening or the extension of the services. That decision from the management would depend on the effectiveness of the marketing process, among other things.
The promotional activities that would be undertaken by Financial Star would occur on FinancialStar.com and through Google, Facebook, and email. Vortex Energy would pay $300,000 and GST for the extended services. It would not issue any securities to Financial Star in the form of compensation for its services. The company further noted that at the time, Financial Star did not own securities in Vortex Energy and maintained an arm’s length relationship. It was also revealed that the company had also hired the services of GRIT Capital Corp. for marketing services, which would commence on October 30, 2023.
