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Nortec Ventures and Copper Mesa extend agreement
VANCOUVER, June 4 /CNW Telbec/ - Further to the press release dated April 1, 2009, Nortec Venture...
About this update from Nortec Minerals Corp
[{"type":"text","content":"\n\n\n\nVANCOUVER, June 4 /CNW Telbec/ - Further to the press release dated April\n1, 2009, Nortec Ventures Corp. ("Nortec" or the "Company") (TSX-V: NVT) and\nCopper Mesa Mining Corporation ("Copper Mesa") (TSX:CUX) have agreed to extend\nthe closing of Nortec's acquisition of a subsidiary of Copper Mesa (the\n"Subsidiary") until June 30, 2009 to complete due diligence.\n\n\nUnder the extended agreement, Nortec will pay immediately to Copper Mesa\nUS$90,000 and an additional US$70,000 on June 16, 2009. The US$1,100,000\npayment previously due May 31, 2009 will be postponed to June 30, 2009, and\nthe US$900,000 payment previously due June 30, 2009 will be postponed to July\n31, 2009. Nortec has the right to satisfy the total payment of the purchase\nprice if it pays to Copper Mesa the total aggregate sum of US$5,000,000 less\napplicable payments made; on or before July 31, 2009, which has been extended\nfrom June 30, 2009. To date Nortec Ventures has paid to Copper Mesa US$600,000\nas partial payment towards the purchase price.\n\n\nThe closing of this transaction remains subject to a number of\nconditions, including completion of a due diligence review by Nortec,\nacceptance for filing by the TSX Venture Exchange, Nortec arranging for\nfinancing for the funds required to pay the purchase price, and receipt of any\nfurther required regulatory approvals.\n\n\nAbout Nortec Ventures Corp.\n\n\nNortec Ventures Corp. is a Canadian public mineral exploration company\nfocused on the exploration and development of the Kaukua Platinum - Palladium\n- Gold (PGE + Au) - Nickel and Copper project located in Finland, and TL\nNickel-Copper-Cobalt projects in Labrador, Canada and the Ganarin project in\nEcuador. The Company has a very experienced mineral exploration and management\nteam with the combined expertise to successfully advance the exploration and\ndevelopment of both precious and base metal projects. Information on Nortec's\nactivities can be referred to on the Company's website, www.nortecventures.com\n\n\nOn behalf of the Board of Directors,\n\n\nNORTEC VENTURES CORP.\n\n\n"Mohan R. Vulimiri"\n\n\nMohan R. Vulimiri, President & CEO\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n\n\nthat term is defined in the policies of the TSX Venture Exchange) acc...