(via TheNewswire)
Vancouver, BC / The Newswire / April 23, 2019 - NORTEC MINERALS CORP. (the "Company" or "Nortec") (TSXV: NVT): Nortec is arranging the non-brokered private placement of up to 28,000,000 units at a price of $0.025 per unit (the "Units") for gross proceeds of up to $700,000 (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 half (1/2) common share purchase warrant (the "Warrants"), entitling the holder to purchase one additional common share at an exercise price $0.05 per common share for a full warrant for two years from the date of issue. The Units will be distributed to shareholders in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies.
The proceeds of the Private Placement will be for clearing the necessary arms-length payables, including legal, auditing, accounting, filing fees, rent and outstanding payables for the work program in Guinea. The balance of the funds will be to start the initial work program on the Guinea Tomboko property as recommended in the NI43-101 compliant report authored by Dr. Serigne Dieng, Ph.D., AuSIMM and ongoing working capital, office, administrative, legal expenses and accounting services.
All shares issued will be subject to a 4 month hold period from the date of issuance in accordance with applicable securities laws. Completion of this private placement is subject to the approval of the TSX Venture Exchange. Finder's fees may be payable in connection with the placement.
Mohan R. Vulimiri, M.Sc., P. Geo, Director and CEO of Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec earned a 51% interest of Tomboko Gold Project by incurring exploration expenditures of US$ 1 million and completing Phases 1 and 2 of the Definitive Option Agreement (Agreement) entered with The Golden Rule Mining Inc. in 2017. The Tomboko Gold Project is located in the historic mineral rich North-eastern area of the Republic of Guinea, and is within the administrative region of Kankan and the Prefecture of Siguiri and immediately west of the Siguiri Gold Mine operated by AngloGold-Ashanti.
The Company has a 20% interest in the Tammela Gold & Lithium Project in South-West Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian mining company has earned 80% interest in the Tammela Project. Sunstone has completed more than 3,000 meters diamond drilling on the Kietyonmaki lithium prospect and the Satulinmaki and Riukka prospects that comprise the Tammela Project. Detailed information on the Company's projects have been posted on the Company's website www.nortecminerals.com.
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On behalf of the Board of Directors,
Nortec Minerals Corp.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, CEO and Chairman
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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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