Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

March 30, 2007 19:07 ET

Nortec Ventures Closes Private Placement of $2,025,000

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2007) - Nortec Ventures Corp., ("Nortec" or the "Company")(TSX VENTURE:NVT), is pleased to announce that it has completed its previously announced non-brokered private placement of $2,025,000 through the issuance to Pinetree Resource Partnership ("Pinetree") of 9,200,000 common shares (the "Shares") and 4,300,000 special warrants (the "Special Warrants") of the Company, each at a price of $0.15, for a maximum issuance of 13,500,000 common shares (the "Offering").

Each Special Warrant entitles Pinetree to acquire, for no further consideration, one Share of the Company. The Special Warrants will be deemed to be exercised into Shares on the third business day following the date the Company obtains the approval of its shareholders for the issuance of the Shares underlying the Special Warrants (the "Shareholder Approval Condition") as required by the policies of the TSX Venture Exchange. Shareholder approval must be obtained at a meeting of shareholder no later than August 30, 2007 (the "Expiry Date").

The gross proceeds received from the sale of the Special Warrants are being held in escrow and will not be released to the Company unless and until the Shareholder Approval Condition is satisfied. If the Shareholder Approval Condition is not satisfied by the Expiry Date, such proceeds will be returned to Pinetree and all outstanding Special Warrants will be cancelled and be of no further force or effect. The proceeds received from the sale of the Shares are immediately available for use by the Company.

The Company will use the net proceeds received from the Offering to cover the work program at Koillismaa-Naranka Nickel-Copper-PGE Project, Finland; TL Nickel-Copper Project, Labrador, and general working capital.

In consideration of services rendered in connection with the Offering a finder received 595,000 common shares at a deemed price of $0.17 per common share. An additional 191,500 common shares are issuable to the finder at a deemed price of $0.17 per common share upon the satisfaction of the Shareholder Approval Condition.

All of the securities issued in connection with the Offering, including any shares which may be issued on the exercise of the Special Warrants, are subject to a hold period in Canada until July 31, 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