Business
Nortec Closes Flow-Through Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2022) - Nortec Minerals Corp. ( TSX...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Closes Flow-Through Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - December 23, 2022) - Nortec Minerals Corp. (TSXV: NVT) (the \"Company\" or \"Nortec\") announces that it has closed its previously announced private placement financing (the \"Private Placement\" - please see the Company's news release dated December 1, 2022) through the issuance of 4,513,665 units of the Company (the \"Units\") at a price of $0.075 per Unit for gross proceeds of approximately $338,525. Each Unit consists of one common share (a \"FT Share\", each such common share in the authorized share structure of the Company, a \"Common Share\") on a post-Consolidation basis (as defined below) and one-half (1/2) of one (1) post-Consolidation Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Share will be issued as a \"flow-through share\" (as defined in subsection 66(15) of the Income Tax Act (Canada)) (the \"Tax Act\"). Each Warrant will entitle the holder thereof to purchase one post-Consolidation non-flow-through Common Share (a \"Warrant Share\") at an exercise price of $0.10 until the date that is twenty-four (24) months following the date of issuance of Warrants. The Warrants are subject to an accelerated expiry date, at the Company's option, which takes effect when the post-Consolidation Common Shares trade at or above the volume-weighted average price of $0.15 per post-Consolidation Common Share on the TSX Venture Exchange (\"TSX-V\"), or such other stock exchange where the majority of the trading volume occurs, for a period of 10 consecutive trading days commencing four months plus one day after the date of issuance of the Warrants. In such an event, the Company will issue a press release announcing such acceleration (the \"Acceleration Press Release\") to Warrant holders and the expiry date of the Warrants will be 30 days from the date of the Acceleration Press Release.Prior to the closing of the Private Placement, the Company consolidated the Common Shares on the basis of five (5) old Common Shares for one (1) new Common Share, with an effective date of December 23, 2022 (the \"Consolidation\").An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur \"Canadian exploration expenses\" (as this term is defined in the Tax Act) on the Company's Ontario...