Nortec Ventures Corp.

Nortec Ventures Corp.

April 24, 2007 16:03 ET

Nortec Ventures Announces Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - Nortec Ventures Corp. (TSX VENTURE:NVT), ("Nortec" or the "Company"), is pleased to announce that it has arranged a non-brokered private placement, of up to 3,720,000 flow-through units (the "FT Units") at a price of $0.25 per FT Unit, for gross proceeds of up to $930,000 (the "Offering"). 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") for a period of one year from the date of issuance at an exercise price of $0.45 per Share.

The Company will use the net proceeds received from the Offering to conduct a work program on the TL Nickel-Copper Project, Labrador, or on any other future mineral property acquisition in Canada.

The Company will pay a finder's fee equal to 9% of the portion of the gross proceeds raised from subscribers introduced to the Company and will be payable in FT Units.

All securities issued pursuant to the Offering will be subject to a hold period of four months from the closing of the Offering.

The Offering, including the Finder's Fee, is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Other News

Further to the press release dated April 10, 2007, the Company signed a drilling contract with Suomen Malmi Oy, a driiling company based in Espoo, Finland. A minimum 2500 metres drilling program on the Koillismaa - Naranka Nickel-Copper-PGE project, Northeastern Finland, is expected to commence in the third week of May, 2007.

For further details on the Company readers are referred to the Company's web site at and the Company's Canadian regulatory filings on SEDAR at

On behalf of the Board of Directors,


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
    Suite 875, 555 Burrard Street
    Box 205, Bentall Two Centre
    Vancouver BC V7X 1M8
    (604) 717-6426
    (604) 717-6427 (FAX)