Nortec Minerals announces Closing of the Second Tranche of the Private Placement
Vancouver, December 15, 2017 - Nortec Minerals Corp.. (the "Company" or "Nortec") (TSXV: NVT) - Further to Nortec's press releases dated October 5, and November 13, 2017 announcing both the closing of the first tranche of 5,735,000 shares for gross proceeds of $430,125 and the extension of the second tranche, the Company announces the closing of the second tranche of the Private Placement. The Company will issue 2,033,000 common shares for proceeds of $152,475. Nortec announced the Private Placement of 7,500,000 common shares at a price of $0.075 per share on September 2, 2017.
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 4 (four) month hold period from the date of issuance. A finder's fee is payable 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 located in gold-rich Siguiri Basin, Northeastern Guinea, West Africa. Four core drill holes were completed to date on Tom 1 North Target. Nortec is amending and updating the NI-43-101 Technical Report on review and comments by TSX Venture Exchange. The Report was filed on SEDAR on November 8, 2017.
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. Sunstone Metals (formerly 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. Sunstone 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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