Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

November 11, 2009 08:31 ET

Nortec Ventures Corp. Arranges Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2009) - Nortec Ventures Corp. ("Nortec" or the "Company") (TSX VENTURE:NVT) is announcing that it will conduct a non-brokered private placement of a minimum 10,000,000 units (the "Units") at a price of $0.11 per Unit, to raise total gross proceeds of $1,100,000. Each Unit will consist of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one additional Share for a period of 18 months from the closing of the Private Placement at an exercise price of $0.20. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share for a period of 10 consecutive trading days at any time after four months past the closing date, the Company will accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case, the warrants will expire on the 30th day after the date on which such notice is given by the Company.

The funds will be used for general working capital purposes including exploration programmes designed for the newly acquired projects in Finland, principally the Seinajoki Gold Project and the Kaatiala Rare Earth Metals Project.

The Offering is subject to the completion and execution of appropriate documentation, acceptance for filing by the TSX Venture Exchange of the Offering on behalf of the Company and receipt of any required regulatory approvals.

In other news, the Company is pleased to announce the appointment of Harvey W. Stark to the position of Adviser, Corporate Development. Mr. Stark is a 28 year veteran of the Canadian public service both in Canada and abroad as a diplomat in South America, Africa, Asia and Europe. During a 3 year assignment to the Embassy in Finland, he was able to recognize many opportunities for Canadian businesses in Finland, including those businesses engaged in mineral exploration.

On leaving government in 1987, Mr. Stark joined a team of geologists and engineers to fund and explore mineral projects globally. Subsequently he has been a financier, officer and / or director of many public companies involved in precious metals projects, aquaculture, industrial products and Information Technology.

Along with Nortec Ventures director and CEO, Mohan R. Vulimiri, he was one of the co-founders of San Fernando Mining Company which discovered the La Fortuna gold deposit in the state of Durango, Mexico in 1992. In 1996, Mr. Stark co-founded a public company that has engaged in both high tech and exploration of precious metals in Canada and the Western Hemisphere. Since 2001 he has been a principal owner of private companies providing training to international airlines , the aviation industry and heavy mobile equipment operators. He is also an active investor in several private ongoing and start up companies in British Columbia.

A total of 400,000 options to purchase 400,000 shares at an exercise price of $0.11 per share for a period of 5 years are granted to Mr. Stark.

About Nortec Ventures Corp.

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has an option to earn 100% interest in the Seinajoki-Kaatiala Gold-Antimony-Rare Earth-Lithium Property in western Finland and owns a 100% interest in the Tammela Lithium-Tin-Tantalum-Rare Earth Project in south-west Finland. The Kaatiala reservation covers a quarry which produced 18 tonnes of beryl, 5 tonnes of columbite and 190,000 tonnes of rare mineral calcium feldspar, according to the information obtained from the Geological Survey of Finland ("GTK").

Nortec also has a 100% interest in the LK Palladium-Platinum-Gold-Copper-Nickel Project (the combined Kaukua & Haukiaho Projects) in north-central Finland, a minimum 51% interest with an option to earn 90% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada and an option to acquire 51% interest in the Ganarin Gold-Silver Property, Ecuador.

The Company is investigating potential joint venture partnerships on its 100% owned projects.

Prospective shareholders and investors are invited to refer to information on the Company's website, www.nortecventures.com.

On behalf of the Board of Directors,

NORTEC VENTURES CORP.

Mohan R. Vulimiri, President & CEO

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.

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

Contact Information

  • Nortec Ventures Corp.
    1-866-658-1261
    www.nortecventures.com
    or
    Renmark Financial Communications
    1-514-939-3989