Vancouver, BC / August 5,2020 – NORTEC MINERALS CORP. (the “Company” or “Nortec”) (TSXV: NVT) – This is further to Nortec’s press release dated June 16, 2020 announcing the Private Placement pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange. The Company announces that it has closed 24,045,000 units for gross proceeds of $240,450. 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 Shares will be distributed to purchasers in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies which includes a 4 (four) month hold period from the date of issuance. Finder’s fees will be paid on portions of the Placement in accordance with TSX Venture policies.
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.
The Company has submitted the requisite Form 4B – Notice of Private Placement to the TSX Venture Exchange.
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 17% 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 the responsibility for the adequacy or accuracy of this news release.