Business
Private Placement Closed
Private Placement Closed.
About this update from Nortec Minerals Corp
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, May 8 /CNW/ - Nortec Ventures Corp., (\"Nortec\" or the\n\"Company\"), is pleased to announce that the Company has completed a private\nplacement of 10,000,000 Units. Each unit was sold at a price of $0.12 and\nconsisted of one common share and one-half share purchase warrant. One whole\nwarrant entitles the holder thereof to purchase one additional common share at\nan exercise price of $0.15 at any time prior to May 3, 2007.\nFinders fees totalling 524,688 common shares at a deemed price of $0.12\nper share was paid in connection with this private placement.\nThe common shares and share purchase warrants issued as part of the\nprivate placement, including common shares issued upon exercise of the share\npurchase warrants and the common shares issued for the finders fee, are\nsubject to a hold period until September 4, 2006.\nThe proceeds of this private placement will be used by the Company to\ncover general working capital.\nFor further information please visit the Company's website at\nhttp://www.nortecventures.com.\n\n On behalf of the Board of Directors,\n\n NORTEC VENTURES CORP.\n\n \"Mohan R. Vulimiri\"\n\n Mohan R. Vulimiri, President & CEO\n\nThe statements made in this News Release may contain certain forward-\nlooking statements. Actual events or results may differ from the Company's\nexpectations. Certain risk factors may also affect the actual results achieved\nby the Company. The TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n\n\n","length":1678,"tagName":"div"}]