Nortec Ventures Corp.
TSX VENTURE : NVT

Nortec Ventures Corp.

March 27, 2009 09:00 ET

Nortec Ventures Corp.-Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - Nortec Ventures Corp. ("Nortec" or the "Company") (TSX VENTURE:NVT) announces that it is in negotiations for the possible acquisition (the "Proposed Acquisition") of a subsidiary of a public company (the "Subsidiary") which indirectly holds title to a resource project. Negotiations are in the final stages, and details in respect of the Proposed Acquisition will be released to the public and regulatory authorities once an agreement has been reached.

In connection with the Proposed Acquisition, Nortec is also announcing a non-brokered private placement of 5,000,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of $500,000 (the "Private Placement"). Each Unit will consist 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 Private Placement at an exercise price of $0.15. In the event that the Shares trade on the TSX Venture Exchange at a closing price in excess of $0.15 per Share for a period of 10 consecutive trading days at any time after four months past the closing date, the Company may 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 Private Placement is integral to the Proposed Acquisition and is required to raise funds to meet the initial payment obligations under the proposed terms of the Proposed Acquisition.

The Private Placement and the Proposed Acquisition are subject to the completion and execution of appropriate documentation, acceptance for filing by the TSX Venture Exchange and receipt of any further required regulatory approvals.

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, and 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 successful negotiations leading to the acquisition of the Subsidiary; completion of any financing; TSX Venture Exchange acceptance of the Proposed Acquisition and 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) 717-6427 (FAX)
    www.nortecventures.com