Business
Nortec transfers the Remaining 30% of the Lantinen Koillismaa PGE Project, North Central Finland to Finore for Majority Shareholding in Finore
(via Thenewswire.ca) Vancouver, B.C., February 19, 2013 - Nortec Minerals Corp. (TSX-V: NVT...
About this update from Nortec Minerals Corp
[{"type":"text","content":"\nNortec transfers the Remaining 30% of the Lantinen Koillismaa PGE Project, North Central Finland to Finore for Majority Shareholding in Finore\n\n(via Thenewswire.ca)\n \n \nVancouver, B.C., February 19, 2013 - Nortec Minerals Corp. (TSX-V: NVT), (\"Nortec\" or the \"Company\") is pleased to announce that it has entered into a second amendment agreement (the \"Second Amendment Agreement\") with Finore Mining Inc. (\"Finore\") pursuant to the Option Agreement dated August 24, 2011 and amended September 10, 2012 to earn 80% interest in the Lantinen Koillismaa Project (\"LK\"). (Please refer to the Company's news releases dated August 30, 2011 and September 11, 2012).\n\n \n \nUnder the terms of the Second Amendment Agreement, Finore will have the option to earn 100% interest in the Property upon completion of the following:\n\n\n \n-issuing 41,000,000 Shares to Nortec within five (5) business days of signing the Second Amendment Agreement and completing the required filings with the Canadian National Stock Exchange (the \"CNSX\") for the issuance of such common shares;\n\n\n \n-paying in full any amounts owed by Finore to third parties, whether incurred directly or indirectly, with respect to exploration expenditures incurred on the Property; and\n\n\n \n-granting Nortec the right to nominate two persons for appointment or election to Finore's Board of Directors.\n\n\n \nFurthermore, if Finore completes all of its obligations above and issue an additional 917,707 Shares to Nortec, Finore will deem to have exercised the option to acquire 100% interest in the Property. \n\n \n \nNortec participated in Finore's Private Placement in the aggregate amount of 30,800,000 common shares at a price of $0.025 per share, for gross proceeds of $770,000 as announced in Finore's news release dated February 19, 2013. Nortec purchased 12,000,000 Shares of such Private Placement, which, combined with the 30,227,208 Shares already held by the Company and 41,000,000 Shares issued in relation to the Second Amendment Agreement, means that Nortec currently holds 84,144,915 Shares (or 60%, on an undiluted basis) of Finore. \n\n \n \nNortec is a \"related party\" of Finore (as such term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions) as it held approximately 45.11% of the issued and outstandin...