Business
Nortec Minerals closes Convertible Debenture Financing
(via TheNewswire) Vancouver, BC / The Newswire / March 22, 2019 - NORTEC MINERALS CORP...
About this update from Nortec Minerals Corp
[{"type":"text","content":"Nortec Minerals closes Convertible Debenture Financing(via TheNewswire)\n \n \nVancouver, BC / The Newswire / March 22, 2019 - NORTEC MINERALS CORP. (the \"Company\" or \"Nortec\") (TSXV: NVT): Nortec announces the approval of the TSX Venture Exchange to close its non-brokered Convertible Debenture Private Placement (\"Private Placement\" or \"Debentures\") announced January 3, 2019 and February 19, 2019 for total proceeds of $260,500. The debentures mature on January 3, 2020 with an annual interest rate of 12%, payable at the end of the one year term. The debenture holders may at any time convert, all, or any portion of the convertible loan principal into common shares of the Company at an exercisable price of $0.05 (5 cents) per common share. \n\n \n \nThe shares when converted, will be distributed to purchasers in accordance with the rules, regulations and policies of the Canadian Securities Act and TSX Venture Exchange. All shares issued will accordingly be subject to a 4 (four) month hold period from the date of issue. \n\n \n \nThe proceeds of the private placement will be used for the initial work program on the Tomboko property, Guinea, as recommended in the NI43-101 compliant report authored by Dr. Serigne Dieng, Ph.D., AuSIMM,, and for working capital.\n\n \n \nMohan R. Vulimiri, M.Sc., P. Geo, Director and CEO of Nortec Minerals, is a Qualified Person as defined by NI 43-101. Mr. Vulimiri has approved the corporate and technical content contained in this press release. \n\n \n \nAbout Nortec Minerals Corp.\n\n \n \nNortec is a mineral exploration and development company based in Vancouver, British Columbia. Nortec earned a 51% interest of Tomboko Gold Project by incurring exploration expenditures of US$ 1 million and completing Phases 1 and 2 of the Definitive Option Agreement (Agreement) entered with The Golden Rule Mining Inc. in 2017. The Tomboko Gold Project is located in the historic mineral rich North-eastern area of the Republic of Guinea, and is within the administrative region of Kankan and the Prefecture of Siguiri and immediately west of the Siguiri Gold Mine operated by AngloGold-Ashanti. Nortec also spent approximately US$ 1 million of the required US$ 2.5 million to earn the remaining 29%. This will convert to pro-rata interest as defined in the Agreement. \n\n \n \nNortec is in the process of acquiring ...