(via Thenewswire.ca)
Vancouver, British Columbia / TheNewswire /
June 28, 2016.
Further to the Management Cease Trade Order dated May 2, 2016 (the “MCTO”) issued under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults
(“NP 12-203”) in respect of Nortec Minerals Corp. (the “Issuer” or the
“Company”) (TSX‑V: NVT)
the default announcement of the Company dated April 29, 2016 (the “Default Announcement”), and the subsequent bi-weekly
default status reports issued on May 16, 2016, May 30, 2016 and June 13, 2016, the Company announces that it is still not in a position to file its audited annual financial statements (the “Issuer Statements”), management’s discussion and analysis
(“MD&A”) and related
certifications for the fiscal year ended December 31, 2015 (collectively, the “Required
Records”), as required, due to the delay in the filing of the audited
annual financial statements (the “Finore
Statements”) for the year ended December 31, 2015 of
Finore Mining Inc. (“Finore”), a
reporting issuer in which the Issuer holds a control position.
Finore has announced that it closed the final tranche of a private placement to raise working capital. Finore
also announced that it has paid outstanding audit fees and that its auditor is in the process of completing the audit of the Finore
Statements. Upon completion of the audit of the Finore Statements, the Company expects to be able to complete and file the
Required Records.
The Company advises that it is also delinquent in respect of the filing of interim financial
statements for the quarter ended March 31, 2016 and related MD&A and certifications and that it anticipates filing the same
within 2 weeks of when the Issuer Statements are filed.
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company may not trade in the
securities of the Company until such time as the Company files the Required
Records and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of
shareholders to trade their securities.
Other than as disclosed in this press release, there are no material changes to the information
contained in the Default Announcement. The Issuer confirms that it intends to satisfy the provisions of section 4.4 of NP 12-203
and will continue to issue bi-weekly default status reports for so long as the Issuer remains in default of the financial statement
filing requirements.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
Mohan R. Vulimiri
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain information set out in this news release constitutes forward-looking information. Forward
looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”,
“estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this
news release contains forward-looking statements in respect of among other things, the filing of the Finore Statements and the
Issuer Statements and the timing thereof. Forward-looking statements are based upon the opinions and expectations of management of
the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third
parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable
assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations
will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this
document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are
based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and
uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements
will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other
things, risk factors set forth in the Company’s most recent management's discussion and analysis under the heading “Risk and
Uncertainties”, a copy of which is filed on SEDAR at www.SEDAR.com, and readers are cautioned that the risk factors disclosed
therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by
law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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