Nortec Minerals receives 27 million shares of Finore Mining
(via Thenewswire.ca)
Vancouver, B.C., September 17, 2012: Further to the press release dated September 11, 2012, Nortec Minerals Corp. (TSX-V: NVT), ("Nortec" or the "Company") is pleased to announce that Finore Mining Inc. ("Finore") (CNSX: FIN) has issued and delivered to the Company 27 million common shares of Finore. Nortec and Finore have negotiated an Amendment to the Option Agreement ("Amended Agreement") on the Lantinen Koillismaa ("LK") Project, previously announced by the Company on August 30, 2011.
Under the terms of the Amended Agreement Finore earns 70% interest in the LK project by completing the following:
-Issuing an additional 27 million (27,000,000) common shares to Nortec within 3 business days of completing the required filings with the Canadian National Stock Exchange (the "CNSX") for the issuance of such common shares.
-Paying in full by Finore any amounts owed to third parties, whether incurred directly or indirectly on account of the exploration work on the LK Project on behalf of Finore.
-Granting Nortec the right to nominate two persons for appointment or election to Finore's Board of Directors.
The 27 million common shares of Finore issued and delivered to Nortec brought Nortec's share holdings in Finore to 30,227,208 common shares. This represents 45% of Finore's issued and outstanding common shares.
Finore is using its best efforts to raise new funding of EUR 2,500,000 Euros as soon as possible for on-going exploration programs on the Property. The EUR 2,500,000 Euros is required to be spent prior to the formation of a joint venture.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. In addition to its interest in the LK Project the Company has a 100% interest in the Tammela Gold & Lithium Project in South-West Finland; an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinajoki Gold Property and Kaatiala Beryllium-Rare Earth Property in Western Finland; an undivided 80% interest in the Karhujupukka Property in Northern Finland. The Company has a minimum 51% interest with an option to earn 100% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada; and, an option to acquire 51% interest in the Ganarin Gold-Silver Property, Ecuador. Information on the Company's projects can be referred to on www.nortecminerals.com.
The Company is well-financed for exploring the Seinajoki, Tammela and Kahujupukka projects. All three projects have excellent potential with good infrastructure and access.
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|On behalf of the Board of Directors,|
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|NORTEC MINERALS CORP. |
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|“Mohan R. Vulimiri” |
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|Mohan R. Vulimiri, CEO and Chairman |
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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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