Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

April 20, 2009 09:00 ET

Nortec Announces Closing of the 5 Million Unit Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2009) - Nortec Ventures Corp. ("Nortec" or the "Company") (TSX VENTURE:NVT) is pleased to announce the closing of the Non-Brokered Private Placement announced in March 27, 2009 and April 1, 2009. A total of 5,000,000 units (the "Units") were placed at a price of $0.10 per Unit (the "Offering"), for a total gross proceeds of $500,000. Each Unit consists of one common share of the Company (a "Share") and one half of 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 Offering at an exercise price of $0.15.

The net proceeds from the Offering will be used to pay the initial payment obligations of the acquisition of Ascendant Copper (Barbados) Corporation, the wholly owned subsidiary of Copper Mesa Mining Corporation, announced on April 1, 2009.

No finder's fee or commissions were paid in connection with the non-brokered private placement. All securities issued pursuant to the non-brokered private placement bear a four month hold period expiring on August 17, 2009.

The Company is also pleased to announce the conditional acceptance received from the TSX Venture Exchange for the proposed Non-Brokered Private Placement of 10,000,000 shares at a price of $0.10 per share with 5,000,000 warrants attached to purchase 5,000,000 shares at a price of $0.15 announced on March 9, 2009. The Company is currently preparing final documentation and a news release will be issued upon closing of this private placement.

Further, the Company is also pleased to announce the conditional acceptance by TSX Venture Exchange with respect to the Company's proposed acquisition of Ascendant Copper (Barbados) Corporation.

About Nortec Ventures Corp.

Nortec Ventures Corp. is a Canadian public mineral exploration company focused on the exploration and development of the Kaukua Platinum - Palladium - Gold (PGE + Au) - Nickel and Copper project located in Finland, TL Nickel-Copper-Cobalt projects in Labrador, Canada and the Ganarin project in Ecuador. The Company has a very experienced mineral exploration and management team with the combined expertise to successfully advance the exploration and development of both precious and base metal projects. Information on Nortec's activities can be referred to 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 forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding: the completion of the Acquisition; completion of the Private Placement; TSX Venture Exchange acceptance of the Acquisition and the Private Placement; the proposed use of funds and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nortec Ventures Corp.
    Mohan R. Vulimiri
    President & CEO
    (604) 717-6426
    (604) 683-9649 (FAX)
    www.nortecventures.com