is an exploration stage company engaged principally in the acquisition, exploration, and development of mineral properties in North America. Galloper has also agreed to customary “orderly sale” provisions with respect to sales by Galloper of any Vortex Shares issued to Galloper in respect of the achievement of the Milestones, pursuant to which Galloper is required to give prior notice of a proposed sale of such Vortex Shares to the Company and to allow the Company a period of time to organize a buyer for such Vortex Shares. In addition, all Vortex Shares issued pursuant to the Transaction shall be subject to a statutory four month hold period pursuant to applicable Canadian securities laws.
The Vortex Shares issued pursuant to the Transaction will be released from the escrow arrangement in three equal tranches: one-third will be released after six months, a further one-third after twelve-months and the remaining one-third after eighteen-months. We are thrilled to be in a position to unlock exciting new exploration opportunities and are focused on continuing to make progress at the Robinsons River Salt Property.”Īll Vortex Shares issued pursuant to the Transaction are subject to an eighteen-month contractual escrow arrangement, during which time, subject to customary exceptions, such Vortex Shares may not be traded without the prior approval of the Company.
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Paul Sparkes, Chief Executive Officer of the Company, commented, “Combining the Robinsons River Salt Property with the Mineral License will create synergies of scale and we believe will improve the exploration potential of the Robinsons River Salt Property. In addition, subject to the terms of the property purchase agreement with respect to the Transaction, the Company has agreed to (i) issue an additional 1,000,000 Vortex Shares to Galloper in the event that the Company completes a drill hole on the Mineral License which intersects a core length of at least 300 meters with an average grade of at least 90% Sodium Chloride and (ii) issue an additional 3,000,000 Vortex Shares and pay an additional C$1,000,000 to Galloper if the Company utilizes, on a commercial basis, any salt caverns on the Mineral License for underground energy storage (collectively, the “ Milestones”). The Company paid C$162,800 in cash and issued 750,000 common shares of the Company (“ Vortex Shares”) to Galloper in connection with the closing of the Transaction. (CSE: VRTX | OTC: VTECF | FRA: AA3) (" Vortex” or the " Company") is pleased to announce that it has closed the previously announced purchase (the “ Transaction”) of an additional mineral license contiguous to the northern border of its Robinsons River Salt Property in Newfoundland and Labrador (the “ Mineral License”) from Galloper Gold Corp. Vancouver, British Columbia - Vortex Energy Corp. Purchase adds an additional salt-prospective claim to the Company’s portfolio in Newfoundland & Labrador expanding its Robinsons River Salt Property to a total of 942 staked claims covering an area of 235km 2
Vortex Energy Closes Purchase of Additional Mineral License in Newfoundland
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