Nortec Minerals Corp.: Announces Private Placement
Vancouver, BC / TheNewswire / February 25, 2016 - Nortec Minerals Corp.. (the "Company" or "Nortec") (TSXV: NVT) - Nortec is arranging the non-brokered private placement of up to 13,500,000 units at a price of $0.015 per unit (the "Units") for gross proceeds of up to $202,500 (the "Offering") pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange. Each Unit consisting of one common share and one common share purchase warrant (the "Warrants"), entitling the holder to purchase one additional common share at an exercise price $0.05 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 is for fulfilling the immediate requirements of the Tammela Gold-Lithium Project, Southern Finland, clearing payables and for working capital.
All shares issued will be subject to a 4 month hold period from the date of issuance in accordance with applicable securities laws. Finder's fees may be payable in connection with the placement.
Completion of this private placement is subject to the approval of 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 100% interest in the Tammela Gold & Lithium Project in South-West Finland; The Company also holds a significant 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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