Nortec Financing OversubscribedNortec increases private placement to $290,000
2005-07-06 14:58 ET - News Release
Mr. Mohan Vulimiri reports
NORTEC INCREASES PRIVATE PLACEMENT PREVIOUSLY ANNOUNCED ON JUNE 15, 2005
Nortec Ventures Corp., due to oversubscriptions, is increasing the amount of the non-brokered private placement from $200,000 to $290,000.
The original non-brokered private placement amount of $200,000 consisted of one million units at 20 cents per unit. Nortec is now anticipating issuing up to 1.45 million units at 20 cents per unit. Each unit shall consist of one common share and one non-transferable common share purchase warrant in the capital stock of the company. Each warrant will be exercisable for one common share of the company at an exercise price of 30 cents per share for a period of one year from the date of issuance. The proceeds of the private placement will be used for working capital.
Further, finders' fees of 7.5 per cent are payable in shares to those individuals and organizations which facilitated respective amounts of the financing.
We seek Safe Harbo