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April 21, 2016 10:36 am
Vancouver, BC / TNW - Accesswire / April 20, 2016 - NORTEC MINERALS CORP. (the 'Company' or 'Nortec') (TSXV: NVT) - Nortec is arranging the non-brokered private placement of up to 8,000,000 units at a price of $0.025 per unit (the 'Units') for gross proceeds of up to $200,000 (the 'Offering'). The discretionary waiver of the $0.05 minimum pricing requirement was granted by the TSX Venture Exchange in February 2016. Each Unit consists 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 of $0.05 per common share for the two years from the date of issue, and at $0.08 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 to pay the necessary arms-length payables, cover legal, auditing and listing fees 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. The previous private placement announced on February 25, 2016 was not completed.
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 Tammela project consists of the Kietyönmäki Lithium zone and Satulinmaki and Riukka gold zones. Nortec has carried out confirmation sampling of the drill core from both the lithium and gold zones in 2010 and 2011. Sampling of drill core from Kietyönmäki zone returned 9m @ 1.03% lithium.
Mineralisation is hosted within the Kietyönmäki Main Dyke (KMD), a large spodumene-rich (LiAlSi2O6) pegmatite dyke that can be traced for over 400m (open to the south-east) with an average width of 12 metres. The Geological Survey of Finland (GTK) drilled 17 holes (for 734 metres across 3 section lines) to test the lithium potential of the KMD along 120 metres of strike. The average drill intersection was 18m wide and was traced down to 75 metres below natural surface and appears to be open at depth.
Re-sampling returned significant gold values in both Satulinmaki and Riukka zones. Some of the significant results are 37.7 metres @ 1.03 g/t Gold from 51 metres (Hole R330 - Satulinmäki Prospect), 10.0 metres @ 2.47 g/t Gold from 20 metres (Hole R356 - Riukka Prospect) and 2.50 metres @ 6.81 g/t Gold from 61.35 metres (Hole R357 - Riukka Prospect).
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
Mohan R. Vulimiri, M.Sc., P.Geo, CEO, Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release
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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