$VMS.V

Vortex Metals Raises C$485,500 After Closing First Tranche of Non-Brokered Private Placement

Vortex Metals (VMS.V) closed the first tranche of its non-brokered private placement raising C$485,500, it said in a statement late Tuesday.The first tranche issued 9.7 million units at C$0.05 apiece. Each unit consists of one common share and one-half of one three-year common share purchase warrant, with each warrant exercisable into one common share at C$0.06, subject to an acceleration clause.Proceeds will be used to advance exploration activities at its projects in Chile and Mexico, pursue corporate development initiatives and for general working capital needs, the copper-focused exploration company said.The company's shares last traded Aug. 11, closing at C$0.04 on the TSX Venture Exchange.