Nortec Minerals Corp.

Nortec Minerals Corp.

July 08, 2010 09:00 ET

Nortec Announces Closing of 8.9 Million Unit Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2010) - Nortec Minerals Corp. ("Nortec" or the "Company") (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ) is pleased to announce the closing of the Non-Brokered Private Placement announced in May 31, 2010. A total of 8,941,500 units (the "Units") were placed at a price of $0.12 per Unit (the "Offering"), for a total gross proceeds of $1,072,980.00. Each Unit consists 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 two (2) years from the closing of the Offering at an exercise price of $0.20 per share. 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 net proceeds from the Offering will be used for the drilling program on the Seinäjoki Gold Project in Finland and general working capital.

Finder's fees were paid in connection with the Offering. A portion of the finder's fee was paid in cash and 10,955 Units were issued to a finder. Warrants issued to finders adhere to the acceleration of exercise of warrants clause as mentioned above.

All securities issued pursuant to the offering bear a four month hold period expiring in November, 2010. 

About Nortec Minerals Corp.

Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has an option to earn from Akkerman Exploration B.V., a 100% interest in the Seinäjoki- Gold-Antimony Property and Kaatiala Rare Earth-Beryllium-Tin-Lithium Property in western Finland. Nortec has a 100% interest in the Tammela Lithium-Tin-Tantalum Project in south-west Finland; 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 100% 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.

On behalf of the Board of Directors,


Ian F. Laurent, President

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