VANCOUVER, June 4 /CNW Telbec/ - Further to the press release dated April 1, 2009, Nortec Ventures Corp. ("Nortec" or the "Company") (TSX-V: NVT) and Copper Mesa Mining Corporation ("Copper Mesa") (TSX:CUX) have agreed to extend the closing of Nortec's acquisition of a subsidiary of Copper Mesa (the "Subsidiary") until June 30, 2009 to complete due diligence.
Under the extended agreement, Nortec will pay immediately to Copper Mesa US$90,000 and an additional US$70,000 on June 16, 2009. The US$1,100,000 payment previously due May 31, 2009 will be postponed to June 30, 2009, and the US$900,000 payment previously due June 30, 2009 will be postponed to July 31, 2009. Nortec has the right to satisfy the total payment of the purchase price if it pays to Copper Mesa the total aggregate sum of US$5,000,000 less applicable payments made; on or before July 31, 2009, which has been extended from June 30, 2009. To date Nortec Ventures has paid to Copper Mesa US$600,000 as partial payment towards the purchase price.
The closing of this transaction remains subject to a number of conditions, including completion of a due diligence review by Nortec, acceptance for filing by the TSX Venture Exchange, Nortec arranging for financing for the funds required to pay the purchase price, and receipt of any further required regulatory approvals.
About Nortec Ventures Corp.
Nortec Ventures Corp. is a Canadian public mineral exploration company focused on the exploration and development of the Kaukua Platinum - Palladium - Gold (PGE + Au) - Nickel and Copper project located in Finland, and TL Nickel-Copper-Cobalt projects in Labrador, Canada and the Ganarin project in Ecuador. The Company has a very experienced mineral exploration and management team with the combined expertise to successfully advance the exploration and development of both precious and base metal projects. Information on Nortec's activities can be referred to on the Company's website, www.nortecventures.com
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding: the completion of the Acquisition; completion of the Private Placement; TSX Venture Exchange acceptance of the Acquisition and the Private Placement; the proposed use of funds and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.