Nortec Minerals sells 2% NSR, Haukiaho Zone, LK Project, to Palladium One Mining
Vancouver, January 13, 2020 - Nortec Minerals Corp. (the "Company" or "Nortec") (TSXV:NVT): - Nortec announces that it has entered into a binding Letter of Intent ("LOI") with Palladium One Mining Inc. ("Palladium One") a Canadian public mining company, to sell its 2% Net Smelter Return Royalty ("NSR") with respect to the Haukiaho Zone of the Lantinen-Koillismaa PGE-Ni-Cu project in Finland. The terms of the royalty sale include a cash payment of C$50,000 and the issuance of 375,000 common shares of Palladium One on closing. The transaction is expected to close this month, and is subject to definitive documentation and customary terms, and the approval of regulatory authorities and TSX Venture Exchange. The proceeds of the sale will be used for immediate payables and for on-going corporate expenses.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec earned a 51% interest in the Tomboko Gold Project, Northeast Guinea, West Africa. Nortec also has a 100% interest, subject to a 1% Net Smelting Royalty, in the Cottonwood Vanadium-Uranium property located in Utah, USA, and a minority interest in the Tammela Gold & Lithium Project in Southwest Finland. Detailed information on these projects are posted on the Company's website www.nortecminerals.com.
| On behalf of the Board of Directors, "Carlos Fernando Jaramillo Munoz " Carlos Fernando Jaramillo Munoz, President and CEO |
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.
