Vancouver, British Columbia – (Newsfile Corp.) December 20, 2023 – NORTEC MINERALS CORP. (TSXV: NVT) (“Nortec” or the “Company”) is pleased to announce a non-brokered private placement to raise aggregate gross proceeds of up to $150,000 (the “Private Placement”).
“A successful 2023 VTEM survey and ground truthing via soil geochemistry clearly demonstrates strong prospectivity for a new VMS deposit at the Sturgeon Lake VMS project. In advance of drilling, further target definition will be undertaken as results from Phase 2’s soil geochemistry and ground EM are received and interpreted.” stated Cameron Bell, Vice President of Exploration.
NON-BROKERED PRIVATE PLACEMENT
The Company is pleased to announce that it has arranged the Private Placement to raise aggregate gross proceeds of up to $150,000 through the issuance of up to 4,285,714 units of the Company (the “Units”) at a price of $0.035 per Unit. Each Unit shall consist of one Common Share (a “FT Share”), which will be issued as a “flow-through 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”).
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, 2023, 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 Company may pay finders’ fees in accordance with the policies of the TSX-V. Proceeds of the Private Placement will be used for exploration activities on its Ontario mineral properties.
The Private Placement is subject to TSX-V acceptance.
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,
Chief Financial Officer
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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