(via Thenewswire.ca)
Vancouver, British Columbia / TheNewswire /
June 30, 2016. Nortec
Minerals Corp. (the “Issuer”
or the “Company”)
(TSX‑V: NVT) announces that the Company arranged the sale of 7,000,000 common shares of Finore Mining
Inc. (“Finore”) to three Arm’s Length Parties. The sale of the Finore shares will be carried out through private transactions
and is scheduled for July 8, 2016. Nortec owns 8,614,492 common shares of Finore representing 24.4% of the issued and
outstanding shares. With this sale Nortec will own 1,614,492 shares. The Company had to take this decision to generate
immediate working capital and to pay the outstanding invoices.
This working capital will also provide an opportunity for the Company to pursue new advanced
acquisitions.
Nortec recently signed a Joint Venture Agreement with Avalon Minerals of Australia.
Avalon paid Nortec EUR 20,000 and
issued 1,000,000 Avalon shares. upon the signing of the Heads of Agreement. Avalon, through its subsidiary Scandian Metals, will fund exploration on the
Tammela Lithium - Gold Project, Southern Finland,
in two stages to earn an 80% interest. Stage 1 comprises of an expenditure of EUR 500,000 over a 24 month
time period to earn a 51% Interest. If Scandian elects to undertake Stage 2, then it will pay Nortec EUR 200,000 in either
cash, shares or a combination of two, and will commit to an additional expenditure of EUR 1,000,000 over two years to earn another
29%.
Standard dilution clauses will apply once the joint venture agreement is completed. The interest will convert
to a 1.5% net smelter royalty if a party’s interest falls below 10%.
Other News:
Further to the Company’s Management Cease Trade Order dated May 2, 2016, the British Columbia
Securities Commission granted a second extension to file its audited financial statements and management discussion and analysis
and related certifications (collectively the “Required Records”).
The Company expects to complete and file the Required Records by July 25, 2016.
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
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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