Business
Nortec Minerals arranges the sale of Finore Shareholdings to generate Working Capital.
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / June 30 , 2016. No...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Minerals arranges the sale of Finore Shareholdings to generate Working Capital.(via Thenewswire.ca)\n \n \nVancouver, British Columbia / TheNewswire / June 30, 2016. Nortec Minerals Corp. (the \"Issuer\" or the \"Company\") (TSX-V: NVT) announces that the Company arranged the sale of 7,000,000 common shares of Finore Mining Inc. (\"Finore\") to three Arm's Length Parties. The sale of the Finore shares will be carried out through private transactions and is scheduled for July 8, 2016. Nortec owns 8,614,492 common shares of Finore representing 24.4% of the issued and outstanding shares. With this sale Nortec will own 1,614,492 shares. The Company had to take this decision to generate immediate working capital and to pay the outstanding invoices. \n\n \n \nThis working capital will also provide an opportunity for the Company to pursue new advanced acquisitions.\n\n\n \nNortec recently signed a Joint Venture Agreement with Avalon Minerals of Australia. Avalon paid Nortec EUR 20,000 and issued 1,000,000 Avalon shares. upon the signing of the Heads of Agreement. Avalon, through its subsidiary Scandian Metals, will fund exploration on the Tammela Lithium - Gold Project, Southern Finland, in two stages to earn an 80% interest. Stage 1 comprises of an expenditure of EUR 500,000 over a 24 month time period to earn a 51% Interest. If Scandian elects to undertake Stage 2, then it will pay Nortec EUR 200,000 in either cash, shares or a combination of two, and will commit to an additional expenditure of EUR 1,000,000 over two years to earn another 29%. \n\n\n \nStandard dilution clauses will apply once the joint venture agreement is completed. The interest will convert to a 1.5% net smelter royalty if a party's interest falls below 10%. \n\n\n \nOther News:\n\n\n \nFurther to the Company's Management Cease Trade Order dated May 2, 2016, the British Columbia Securities Commission granted a second extension to file its audited financial statements and management discussion and analysis and related certifications (collectively the \"Required Records\"). The Company expects to complete and file the Required Records by July 25, 2016. \n\n\n \nMohan R. Vulimiri, M.Sc., P.Geo, CEO, Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release.\n\n ...