Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

June 06, 2007 15:26 ET

Nortec Ventures Closes 1st Tranche of the Flow-Through Private Placement of $930,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2007) - Nortec Ventures Corp. (TSX VENTURE:NVT), ("Nortec" or the "Company"), is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement of 3,720,000 flow-through units ("FT Units") at a price of $0.25 per FT Unit. A total of 1,720,000 of the FT Units will be issued in this first tranche closing and the remaining 2,000,000 FT Units will close immediately after the Company's annual general meeting of shareholders to be held on June 25, 2007.

Each FT Unit will consist of one common share of the Company issued on a flow-through basis (an "FT Share") and one non-transferable common share purchase warrant (a "Warrant") which will be exercisable to acquire one non-flow-through common share of the Company (a "Share") until June 5, 2008, for the first tranche closing, at an exercise price of $0.45 per Share.

The Company will use the net proceeds received from the Offering to cover the work program on the Company's TL Nickel-Copper Project in the Voisey's Bay area of northern Labrador and for exploration on any other future mineral property acquisitions in Canada.

In consideration of services rendered in connection with the Offering a finder will receive a total of 216,000 non-flow through units ("Finders Units") of which 36,000 Finder's Units are issued in the first tranche closing. Each Finder's Unit consists of one non-flow-through common shares ("Finder Shares") and one non-transferable common share purchase warrant ("Finder Warrants") which will be exercisable to acquire one non-flow-through common share ("Finder Warrant Share") until June 5, 2008 at an exercise price of $0.45 per Finder Warrant Share.

All of the securities issued in connection with the first tranche and second tranche closing, are subject to a hold period in Canada until October 6, 2007.

For further information please visit the Company's website at http://www.nortecventures.com.

On behalf of the Board of Directors,

NORTEC VENTURES CORP.

Mohan R. Vulimiri, President & CEO

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nortec Ventures Corp.
    Mohan R. Vulimiri
    President & CEO
    (604) 717-6426
    or
    Suite 875, 555 Burrard Street
    Box 205, Bentall Two Centre
    Vancouver, BC, Canada V7X 1M8
    (604) 717-6426
    (604) 717-6427 (FAX)
    Email: info@nortecventures.com
    Website: www.nortecventures.com