Nortec Minerals Closes 1st Tranche of the Previously Announced Non-Brokered Private Placement
Vancouver, BC / TheNewswire / April 23, 2015 - Nortec Minerals Corp.. (the "Company" or "Nortec") (TSXV: NVT) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement of a minimum of 8,000,000 units (the "Units") at a price of $0.025 per Unit. A total of 4,600,000 of the Units will be issued in this first tranche closing and the remaining 3,400,000 Units will close by the first week of May, subject to TSX Venture Exchange approval.
Each Unit is consisting 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 $0.08 per common share for the two years from the date of issue, and at $0.10 per common share for the third year from the date of issue. 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 fulfilling the immediate requirements of the Tammela Gold-Lithium Project, Southern Finland, clearing payables and for working capital.
Finder's fee or commissions consisting of units were paid in connection with portions of the first tranche non-brokered private placement. All securities issued with respect to the first tranche pursuant to the non-brokered private placement bear a four month hold period expiring in August, 2015.
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; The Company also holds a majority shareholding interest in its subsidiary, Finore Mining Inc. Finore controls a 100% interest in the Lantinen Koillismaa PGE-Au-Cu-Ni deposit, Finland. Information on the Company's projects can be referred to on 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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