Nortec announces closing of the 10 million unit Private Placement
Nortec Ventures Corp. announced the closing of the Non-Brokered Private Placement (Private Placement Memorandum – PPM) from March 9, 2009. A total of 10,000,000 units (the “Units”) were placed at a price of $0.10 per Unit (the “Offering”), for a total gross proceeds of $1,000,000. 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 (Private Placement Memorandum – PPM).
In the event that the common shares of the company trade at a closing price in excess of 15 cents per share for a period of 10 consecutive trading days at any time 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 (Private Placement Memorandum – PPM). The funds will be used for general working capital purposes and for the metallurgical testwork.
Finder’s fee or commissions (noted in the Private Placement Memorandum – PPM) were paid in connection with portions of the non-brokered private placement. All securities issued pursuant to the non-brokered private placement bear a four month hold period expiring on August 30, 2009 (as noted in the Private Placement Memorandum – PPM).
The Company is also pleased to announce the exercise of the 2,500,000 warrants at a price of $0.15 per warrant (Private Placement Memorandum – PPM). These warrants were issued pursuant to the 5,000,000 unit private placement announced on March 27, 2009 and April 1, 2009, and closed on April 20, 2009 (as detailed in the Private Placement Memorandum – PPM). The funds from this warrant exercise were used to pay the second tranche of payment obligations for the acquisition of a wholly-owned subsidiary (“Subsidiary”) of Copper Mesa Mining Corporation, announced on April 1, 2009.
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, the Ganarin project in Ecuador and the recently signed option agreement to acquire the Copper Mesa’s properties 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
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