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Nortec Completes Acquisition of Critical Mineral Zinc Properties in Ontario and Closes $250,000 Financing
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - NORTEC MINERALS CORP . (...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Completes Acquisition of Critical Mineral Zinc Properties in Ontario and Closes $250,000 FinancingVancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - NORTEC MINERALS CORP. (TSXV: NVT) (\"Nortec\" or the \"Company\") is pleased to report that it has completed its previously announced acquisition (the \"Acquisition\") of a private Ontario corporation (\"PropertyCo\") which holds 100% of the interests in the Sturgeon Lake VMS Property and the Mattagami River Zinc Property (together, the \"Properties\"), both located in Ontario, Canada. (For more information on the Acquisition and the Properties, please see the Company's news releases dated June 14 and July 18, 2022).Pursuant to the share purchase agreement dated June 10, 2022, as amended on July 14, 2022, (the \"Share Purchase Agreement\") between Nortec, PropertyCo and the all of the shareholders of PropertyCo (the \"Sellers\"), Nortec issued an aggregate of 85,000,000 common shares of the Company (the \"Payment Shares\", each such common share in the authorized share structure of Nortec, a \"Share\") to the Sellers on a pro rata basis, at a deemed price of $0.01 per Payment Share, as partial consideration for 100% of the outstanding shares of PropertyCo. Additional consideration will be payable to the Sellers as follows: (a) $25,000 in cash one year after the closing of the Acquisition; (b) an additional $1.5 million in cash upon the completion of a mineral resource estimate by an independent Qualified Person (as such term is defined in National Instrument 43-101 - Standards of Mineral Disclosure by the Canadian Securities Administrators (\"NI 43-101\") and in accordance with NI 43-101, in respect of any of the Properties totaling a minimum of 5 million tonnes of inferred resources; and (c) a further $5.0 million in cash upon the commencement of Commercial Production (as this term is defined in the Share Purchase Agreement). The Payment Shares issued to the Sellers will represent 36.6% of the issued and outstanding shares of the Company upon completion of the Acquisition and the Private Placement.Nortec is also pleased to announce that it has closed its previously announced private placement (the \"Private Placement\" - please see the Company's news release dated June 14, 2022). Under the Private Placement, Nortec issued 25,000,000 units of the Company (\"U...