VANCOUVER, May 4 /CNW Telbec/ - Nortec Ventures Corp. ("Nortec" or the
"Company") (TSX-V: NVT) is pleased to announce the closing of the Non-Brokered
Private Placement announced in March 9, 2009. A total of 10,000,000 units (the
"Units") were placed at a price of $0.10 per Unit (the "Offering"), for a
total gross proceeds of $1,000,000. Each Unit consists of one common share of
the Company (a "Share") and one half of one transferable common share purchase
warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one
additional Share for a period of 18 months from the closing of the Offering at
an exercise price of $0.15.
In the event that the common shares of the company trade at a closing
price in excess of 15 cents per share for a period of 10 consecutive trading
days at any time the company will accelerate the expiry date of the warrants
by giving notice to the holders thereof and in such case, the warrants will
expire on the 30th day after the date on which such notice is given by the
company. The funds will be used for general working capital purposes and for
the metallurgical testwork.
Finder's fee or commissions were paid in connection with portions of the
non-brokered private placement. All securities issued pursuant to the
non-brokered private placement bear a four month hold period expiring on
August 30, 2009.
The Company is also pleased to announce the exercise of the 2,500,000
warrants at a price of $0.15 per warrant. These warrants were issued pursuant
to the 5,000,000 unit private placement announced on March 27, 2009 and April
1, 2009, and closed on April 20, 2009. The funds from this warrant exercise
were used to pay the second tranche of payment obligations for the acquisition
of a wholly-owned subsidiary ("Subsidiary") of Copper Mesa Mining Corporation,
announced on April 1, 2009.
Nortec has initiated a NI 43-101 report (the "Report") on the Chaucha
Porphyry Copper-Molybdenum Prospect, one of several Ecuadorian projects
controlled by the Subsidiary through its Ecuadorian entities. The Report will
incorporate all the diamond core drilling (21,633 metres) conducted by Copper
Mesa in 2007 and the historical resource estimates quoted in the 2005
Technical Report by Paul D Gribble, C. Eng., Senior Mineral Resource
Geologist, Micon International Co Ltd of United Kingdom. Further details on
the Ecuadorian assets can be referred to in the Company's press release dated
April 1, 2009.
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, TL
Nickel-Copper-Cobalt projects in Labrador, Canada, the Ganarin project in
Ecuador and the recently signed option agreement to acquire the Copper Mesa's
properties 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
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.
For further information:
For further information: Renmark Financial Communications Inc.: Henri
Perron: email@example.com; Barry Mire: firstname.lastname@example.org;
Media - Vanessa Napoli: email@example.com; François Trépanier:
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939-3717; Toronto - (416) 644-2020, Fax: (416) 644-2021;