Vancouver, British Columbia – (Newsfile Corp.) January 3, 2024 – NORTEC MINERALS CORP. (TSXV: NVT)(“Nortec” or the “Company”) is pleased to announce that subject to approval of the TSX Venture Exchange (the “TSX-V”), it has closed its non-brokered private placement (the “Private Placement”) of 2,428,569 units for gross proceeds of $85,000.

Each unit consists of one common share issued as a “flow-through share” (a “FT Share”), (as defined in subsection 66(15) of the Income Tax Act (Canada)) (the “Tax Act”) and one (1) common share purchase warrant (a “Warrant”).

• Each Warrant entitles the holder thereof to purchase one (1) non-flow-through common share at an
  exercise price of $0.05 until the date (the “Expiry Date”) that is thirty-six (36) months following the date of issuance of the Warrants.
• The Warrants are subject to an accelerated expiry date, at the Company’s option, which takes effect when the common shares of the Company trade at or above the volume-weighted average price of $0.10 per common share on the TSX-V (or such other stock exchange where the majority of the trading volume occurs) for a period of ten (10) consecutive trading days commencing four (4) months plus one (1) day after the date of issuance of the Warrants.

An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur “Canadian exploration expenses” (as this term is defined in the Tax Act) that the Company may renounce pursuant to the Tax Act with an effective date not later than December 31, 2024, and that qualify either as “flow-through mining expenditures” (as this term is defined in the Tax Act) or as “flow-through critical mineral mining expenditures” (as this term is defined in subsection 127(9) of the Tax Act), as determined in the sole discretion of the Company.

The above Private Placement amends and replaces the Expiry Date to thirty-six (36) months following the date of issuance of the Warrants from twenty-four (24) months following the date of issuance of the Warrants as announced on December 20, 2023.

No finders’ fees are payable in respect of the Private Placement the proceeds of which will be used for exploration activities on the Company’s Ontario mineral properties.

All securities issued under this Private Placement are subject to a hold period of 4 (four) months and 1 day from the date of issuance.

About Nortec Minerals Corp

Nortec is a mineral exploration company that holds 100% interests in two exploration stage critical mineral (zinc) projects, namely the Mattagami River Zinc properties and the Sturgeon Lake VMS, both located in Ontario, Canada. Additionally, the Company holds a 17% interest in the Tammela Gold and Tammela Lithium projects in Southwest Finland. Additional information can be found on the Company’s SEDAR profile at www.sedar.com and its website at www.nortecminerals.com

On behalf of the Board of Directors,

“Sara Hills”
Chief Financial Officer
Email: investor.relations@nortecminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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, performance or achievements of the Company to be materially different from the results, performance 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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