Nortec Minerals Corp. Increases Size of Private Placement
28.11.2016 | The Newswire
Vancouver, November 28, 2016 - Nortec Minerals Corp. (TSX-V: NVT; FSE: WMQ; OTC PINK: NMNZF) ("Nortec" or the "Company") is pleased to announce that due to subscriptions received for its non-brokered private placement (the "Private Placement") announced in its news release of November 18, 2016. Nortec has increased the size of the Private Placement to 15,300,000 units (the "Units") to be sold at a price of $0.05 per Unit to raise gross proceeds of up to $765,000. Each Unit will consist of one common share of the Company and one transferable common share purchase warrant (a "Warrant") exercisable to acquire one additional common share for a period of two years at an exercise price of $0.10 per share. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share for a period of 10 consecutive trading days at any time after four months following closing of the Private Placement, the Company may accelerate the expiry date of the Warrants 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.Nortec continues to collect subscriptions for the Private Placement and intends to close the financing upon receipt of TSX Venture Exchange approval.
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. Avalon Minerals Ltd. ("Avalon") has a 51% Stage 1 earn in and an 80% Stage 2 earn-in joint venture on the Tammela Project. Avalon has completed more than 3,000 meters diamond drilling on the Kietyonmaki lithium prospect and the Satulinmaki and Riukka prospects that comprise the Tammela Project. Detailed information on the Company's projects have been posted on the Company's website www.nortecminerals.com.
On behalf of the Board of Directors, NORTEC MINERALS CORP.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, Chief Executive Officer and Chairman
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.