Vancouver, BC / June 16, 2020 – NORTEC MINERALS CORP. (the “Company” or “Nortec”) (TSXV: NVT): Nortec announces that it is arranging a non-brokered private placement of up to 30,000,000 units at a price of $0.01 per unit (the “Units”) for gross proceeds of up to $300,000 (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 (each whole warrant, a “Warrant”), with each Warrant entitling the holder to purchase one additional common share at an exercise price $0.05 per common share for a period of two years from the date of issue.
The Company intends to use the proceeds of the Private Placement for paying arms-length payables, including legal, auditing, accounting, filing fees and listing fees, and to repay the outstanding principal amount of a $100,000 convertible debenture and interest owing in respect thereof.
None of the funds raised will be allocated to the payables for the Tomboko Gold Property, Guinea, West Africa. As disclosed in the Company’s press release dated April 24, 2020 the Company requires Alamako Mining International to first execute a new option agreement, and thereby confirm the Company’s legal 51% earned interest in the Tomboko Property, before it could be in a position to raise funds to reimburse Alamako for any standby expenditures incurred by it in relation to the property. The Company will provide updates when available.
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.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec earned a 51% interest in the Tomboko Gold Project, Northeast Guinea, West Africa. Nortec also has a 100% interest, subject to a 1% Net Smelter Returns Royalty, in the Cottonwood Vanadium-Uranium property located in Utah, USA, and a minority interest in the Tammela Gold & Lithium Project in Southwest Finland. Detailed information on these projects are posted on the Company’s website www.nortecminerals.com.
|On behalf of the Board of Directors,|
Nortec Minerals Corp.
“Mohan R. Vulimiri”
Mohan R. Vulimiri, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.