Announces Closing of the 5 Million Unit Private Placement
posted on Apr 20, 2009 06:03AM
Edit this title from the Fast Facts Section
|April 20, 2009|
|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