Nortec and Finore Mining Inc. amend Option Agreement with Finore earning 70% interest in the LK (Lantinen Koillismaa) Project, North Central Finland

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[{"type":"text","content":"\nNortec and Finore Mining Inc. amend Option Agreement with Finore earning 70% interest in the LK (Lantinen Koillismaa) Project, North Central Finland\n\n(via Thenewswire.ca)\n\n \nVancouver, B.C., September 11, 2012: Further to the press release dated September 6, 2011, Nortec Minerals Corp. (TSX-V: NVT), (\"Nortec\" or the \"Company\") announces that both Finore Mining Inc. (\"Finore\") (CNSX: FIN) and Nortec have negotiated an Amendment to the Option Agreement (\"Amended Agreement\") on the Lantinen Koillismaa (\"LK\") Project, previously announced by the Company on August 30, 2011.\n\n\n \nUnder the terms of the Amended Agreement Finore earns 70% interest in the LK project by completing the following:\n\n\n \n-Issuing an additional 27 million (27,000,000) common shares to Nortec within 3 business days of completing the required filings with the Canadian National Stock Exchange (the \"CNSX\") for the issuance of such common shares.\n\n\n \n-Paying in full by Finore any amounts owed to third parties, whether incurred directly or indirectly on account of the exploration work on the LK Project on behalf of Finore.\n\n\n \n-Granting Nortec the right to nominate two persons for appointment or election to Finore's Board of Directors.\n\n\n \nThe issuance of the 27 million common shares will bring Nortec's share holdings in Finore to 30,227,208 common shares representing 45% of Finore's issued and outstanding common shares.\n\n\n \nFinore has also agreed that upon earning the 70% Interest it shall use its best efforts to raise new funding of EUR 2,500,000 Euros as soon as possible for on-going exploration programs on the Property. The EUR 2,500,000 Euros is required to be spent prior to the formation of a joint venture.\n\n\n \nUnder the original agreement Finore had the right to earn up to 80% interest in two stages comprises as follows:\n\n\n \n-an initial 49% interest in the LK Project by: a) making payments totalling $4.5 million in cash to Nortec; b) issuing the equivalent of $2 million in shares of Finore; and, c) spending $5 million on exploration within 24 months, including a minimum of $2 million in the first 12 months.\n\n\n \n-earn the remaining 31% interest by: a) making a payment of $3 million in cash to Nortec on or before the 3 year anniversary from the Effective Date; b) issuing the equivalent of $1 million in shares...

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