Vortex Metals Inc. (OTC: VMSSF) Stock On Watchlist After Private Placement
This morning, many investors are going to be on the trail of the stocks of those companies that may have been in focus last week, and by that token, it is likely that Vortex Metals Inc. (OTC: VMSSF) is going to be on the radars of many. On April 11, the company came into focus after it announced that it was looking to complete a non-brokered private placement of a maximum of 16,111,111 units for a price of $0.09 each and generate gross proceeds to the tune of $1,450,000.
In the news release, the company announced that each unit would be made up of one common share in the capital of Vortex Metals and half of a non-transferable common share purchase warrant. A whole warrant would entitle the holder of the warrant to pick up a share in Vortex Metals for the price of $0.135 each up until 24 months since the date of issuance. The net proceeds from the private placement would be used to meet exploration expenses and generate working capital.
Vortex Metals also revealed that it could pay a finder’s fee to certain finders, and the details of the same were also revealed. A cash fee to the tune of 8% of the gross proceeds raised from the subscribers who had been introduced to Vortex Metals by the finders would be paid out in the finder’s fee.
Additionally, the same parties would also be eligible for finder’s warrants to the tune of 8% of the number of units that had been acquired by the subscribers who had been introduced by the finders. A finder’s warrant would provide the holder with the entitlement to pick up a share in Vortex Metals for the price of $0.135 up until 24 months since the date of issuance of the same.
