VANCOUVER, May 8 /CNW/ - Nortec Ventures Corp., ("Nortec" or the
"Company"), is pleased to announce that the Company has completed a private
placement of 10,000,000 Units. Each unit was sold at a price of $0.12 and
consisted of one common share and one-half share purchase warrant. One whole
warrant entitles the holder thereof to purchase one additional common share at
an exercise price of $0.15 at any time prior to May 3, 2007.
Finders fees totalling 524,688 common shares at a deemed price of $0.12
per share was paid in connection with this private placement.
The common shares and share purchase warrants issued as part of the
private placement, including common shares issued upon exercise of the share
purchase warrants and the common shares issued for the finders fee, are
subject to a hold period until September 4, 2006.
The proceeds of this private placement will be used by the Company to
cover general working capital.
For further information please visit the Company's website at
http://www.nortecventures.com.
On behalf of the Board of Directors,
NORTEC VENTURES CORP.
"Mohan R. Vulimiri"
Mohan R. Vulimiri, President & CEO
The statements made in this News Release may contain certain forward-
looking statements. Actual events or results may differ from the Company's
expectations. Certain risk factors may also affect the actual results achieved
by the Company. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
