Nortec Minerals Corp. announces the Closing of the First Tranche of the Private Placement
Vancouver, October 10, 2017 - Nortec Minerals Corp. (the "Company" or "Nortec") (TSXV: NVT) - Further to Nortec's press release dated September 7, 2017 announcing a non-brokered private placement ("Placement") of up to 7,500,000 common shares of the Company at a price of $0.075 per common share (the "Shares"), the Company announces that it has closed a first tranche of 5,735,000 shares for gross proceeds of $430,125 ("First Tranche"). The Shares will be distributed to purchasers in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies which includes a 4 (four) month hold period from the date of issuance. A finder's fee will be paid on portions of the Placement also in accordance with TSX Venture policies.
The proceeds of the Placement will be used to continue the exploration and drilling of the Tomboko Gold Project in Guinea, West Africa, and, further evaluation of other gold projects located in Northeastern Guinea. A Technical Report compliant with NI 43-101 standards is in the process of completion on the Tomboko Project.
The Company has submitted the requisite Form 4B - Notice of Private Placement to 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 49% interest in the Tammela Gold & Lithium Project in South-West Finland. Avalon Minerals, a public Australian mining company has earned the 51% interest and is carrying out the 29% Stage 2 earn-in interest 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.
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