Nortec Minerals announces New Private Placemen

About this update from Nortec Minerals Corp

[{"type":"text","content":"Nortec Minerals announces New Private Placemen(via Thenewswire.ca)\n\n \nt \n\n \n \nVancouver, BC / TheNewswire / April 20, 2016 - NORTEC MINERALS CORP. (the \"Company\" or \"Nortec\") (TSXV: NVT) - Nortec is arranging the non-brokered private placement of up to 8,000,000 units at a price of $0.025 per unit (the \"Units\") for gross proceeds of up to $200,000 (the \"Offering\"). The discretionary waiver of the $0.05 minimum pricing requirement was granted by the TSX Venture Exchange in February 2016. Each Unit consists of one common share and one common share purchase warrant (the \"Warrants\"), entitling the holder to purchase one additional common share at an exercise price of $0.05 per common share for the two years from the date of issue, and at $0.08 per common share for the third year from the date of issue. The Units will be distributed to shareholders in accordance with the rules and regulations of the Securities Act and TSX Venture Exchange policies. \n\n \n \nThe proceeds of the Private Placement are to pay the necessary arms-length payables, cover legal, auditing and listing fees and for working capital. All shares issued will be subject to a 4 month hold period from the date of issuance in accordance with applicable securities laws. Finder's fees may be payable in connection with the placement. Completion of this private placement is subject to the approval of the TSX Venture Exchange. The previous private placement announced on February 25, 2016 was not completed.\n\n \n \nAbout Nortec Minerals Corp.\n\n \n \nNortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has a 100% interest in the Tammela Gold & Lithium Project in South-West Finland. The Tammela project consists of the Kietyonmaki Lithium zone and Satulinmaki and Riukka gold zones. Nortec has carried out confirmation sampling of the drill core from both the lithium and gold zones in 2010 and 2011. Sampling of drill core from Kietyonmaki zone returned 9m @ 1.03% lithium. \n\n \n \nMineralisation is hosted within the Kietyonmaki Main Dyke (KMD), a large spodumene-rich (LiAlSi2O6) pegmatite dyke that can be traced for over 400m (open to the south-east) with an average width of 12 metres. The Geological Survey of Finland (GTK) drilled 17 holes (for 734 metres across 3 section lines) to test the lithium pot...

More updates from Nortec Minerals Corp