Tickers: XTSX:NVT, PINX:NMNZF
Tags: Mining
Vancouver, BC / The Newswire / February 19, 2019 - NORTEC MINERALS CORP. (the "Company" or "Nortec") (TSXV: NVT): Nortec announces receipt of a 30 day extension to the January 3, 2019 non-brokered $750,000 Convertible Debenture Private Placement ("Private Placement" or "Debentures"). The extended final date for acceptance of the Private Placement is March 20, 2019. The debentures mature on January 3, 2020 and bear an interest rate of 12% per annum, payable at the end of the one year term. The debenture holders may at any time convert, all, or any portion of the convertible loan principal into common shares of the Company at an exercisable price of $0.05 (5 cents) per common share.
The Shares when converted, will be distributed to purchasers in accordance with the rules, regulations and policies of the Canadian Securities Act and TSX Venture Exchange. All shares issued will accordingly be subject to a 4 (four) month hold period from the date of issue. A finder's fee may be payable on portions of the Placement. Completion of this Placement is subject to the approval of the TSX Venture Exchange.
Mohan R. Vulimiri, M.Sc., P. Geo, Director and CEO of Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release.
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec earned a 51% interest of Tomboko Gold Project by incurring exploration expenditures of US$ 1 million and completing Phases 1 and 2 of the Definitive Option Agreement (Agreement) entered with The Golden Rule Mining Inc. in 2017. The Tomboko Gold Project is located in the historic mineral rich North-eastern area of the Republic of Guinea, and is within the administrative region of Kankan and the Prefecture of Siguiri and immediately west of the Siguiri Gold Mine operated by AngloGold-Ashanti. Nortec also spent approximately US$ 1 million of the required US$ 2.5 million to earn the remaining 29%. This will convert to pro-rata interest as defined in the Agreement.
The Company has a 20% interest in the Tammela Gold & Lithium Project in South-West Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian mining company has earned the 51% interest and 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 prospects that comprise the Tammela Project. 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, Nortec Minerals Corp. "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.
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