Announces Private Placement - Nortec Minerals Corp.
22.10.2014 | The Newswire
Vancouver, October 22, 2014 / Nortec Minerals Corp.. (the "Company" or "Nortec") (TSXV: NVT) - Further to the press release dated September 22, 2014, and subsequent to the consolidation of shares on the basis of 1 for 6, Nortec is in the process of arranging the non-brokered private placement of up to 10,000,000 units at a price of $0.10 per unit (the "Units") for gross proceeds of up to $1,000,000 (the "Offering"). Each Unit consisting of one common share and one common share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share at an exercise price $0.15 per common share for the first year from the date of issue, and at $0.20 per common share for the second year from the date of issue. The Units will be distributed to shareholders in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies. The proceeds of the Private Placement is for fulfilling the immediate requirements of the Golden Zone project, Alaska, and for working capital. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share during the first year and $0.30 per share during the second year for a period of 10 consecutive trading days at any time after four months past the closing date, the Company will accelerate the expiry date of the Warrrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
All shares issued will be subject to a 4 month hold period from the date of issuance in accordance with applicable securities laws. Finder's fees may be payable in connection with the placement.
Completion of this private placement is subject to the approval of the TSX Venture Exchange.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Tammela Gold & Lithium Project in South-West Finland; The Company also holds a majority shareholding interest in its subsidiary, Finore Mining Inc. Finore controls a 100% interest in the Lantinen Koillismaa PGE-Au-Cu-Ni deposit, Finland. Information on the Company's projects can be referred to on www.nortecminerals.com
On behalf of the Board of Directors, Nortec Minerals Corp.
“Mohan R. Vulimiri”
Mohan R. Vulimiri, CEO and Chairman
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
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