Nortec Minerals Corporation announces the closing of the Non-Brokered Private Placement
06.12.2016 | The Newswire
Vancouver, December 6, 2016 - Nortec Minerals Corp. (the "Company" or "Nortec") (TSXV: NVT) is pleased to announce that it has completed the non-brokered private placement of 15,960,000 units (the "Units") at a price of $0.05 per Unit. The original $500,000 - 10,000,000 unit private placement announced on November 18, 2016 was over-subscribed by $298,000 - 5,960,000 units.Each Unit consists 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 $0.10 per common share for the two years from the date of issue, and at $0.20 per common share for the third year from the date of issue. 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 past the closing date, the Company will 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.
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 are for potential asset acquisitions, exploration and working capital. Finder's fee or commissions totalling 399,000 units will be paid in connection with portions of the non-brokered private placement. All securities issued with respect to the private placement bear a four month hold period expiring in April 6, 2017.
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, 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.