Vancouver, BC / TNW – Accesswire / January 8, 2018 – NORTEC MINERALS CORP. (the “Company” or “Nortec”) (TSXV: NVT) – Nortec is arranging a non-brokered private placement (“Placement”) of up to 10,000,000 units (“Units”) of the Company at a price of $0.11 per Unit for gross proceeds of up to $1,100,000. Each Unit will consist of one common share of the Company and one transferable common share purchase warrant (“Warrant”) exercisable to acquire one additional common share for a period of two years at an exercise price of $0.24 per share.
The Units will be distributed to purchasers in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies. All Units issued will be subject to a 4 (four) month hold period from the date of issuance in accordance with applicable rules and regulation of the Securities Act and TSX Venture Exchange policies. A finder’s fee may be payable in connection with the Placement. Completion of this Placement is subject to the approval of the TSX Venture Exchange.
The proceeds of the Placement will be used to test the Southeast extension of the Priority 1 – Tom 1 North Target, by drilling and for working capital. RAB and RC drilling will also test the rest of the termite mound anomalies, geochemical soil and termite mound anomalies, as well as artisanal workings on the Tom 1, Tom 2 and Tom 3 targets.
Drilling commencing from drill holes TBDD0003, 0004, 0005 and 0006 from the Northwest on the Priority 1 Target shows the gold values increasing to the Southeast, with TBD0007 returning 19 metres at 2.64 g/t Gold from 31 metres including 7 metres at 3.57 g/t and 1 metre at 17.1 g/t.
The Tom 1, Tom 2 and Tom 3 targets are located in the Tomboko Permit, Northeastern Guinea, West Africa. Nortec is earning an 80% interest in The Golden Rule Limited’s holdings in Tomboko Permit and other holdings in Northeastern Guinea.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 49% interest in the Tammela Lithium and Gold Project in South-West Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian mining company has earned the 51% interest and is carrying out the 29% Stage 2 earn-in interest on the Tammela Project. Sunstone has completed more than 3,000 meters diamond drilling on the Kietyonmaki Lithium prospect and the Satulinmaki and Riukka gold prospects that comprise the Tammela Project. Drilling on the Kietyonmaki returned values of 42.1m at 1.05% Li2O from 17.9m downhole, including 24.2m at 1.44% Li2O from 17.9m and 9m at 2.00% Li2O from 29m downhole. Detailed information on the Company’s projects have been posted on the Company’s website www.nortecminerals.com.
|On behalf of the Board of Directors,
“Mohan R. Vulimiri”
Mohan R. Vulimiri, CEO and Chairman
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.