Nortec Minerals receives approval for the extension of warrants exercisable for common shares at $0.45 per share
Vancouver, B.C., January 29, 2010: Nortec Minerals Corp. (TSX-V:NVT), ("Nortec" or the "Company"), is pleased to announce that further to our news release dated January 29, 2010, the TSX Venture Exchange has consented to the extension in the expiry date of $0.45 warrants. The original expiry dates of the warrants were February 14, 2010 and March 5, 2010. The new expiry date of the Warrants is August 14, 2013 and September 5, 2013. The exercise price remains the same.
An acceleration clause has been added to the warrant terms as follows: ”In the event that the common shares of the Corporation trade at a closing price in excess of $0.45 per share for a period of ten (10) consecutive trading days at any time after four months past the closing date, the Corporation will accelerate the Time of Expiry 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 Corporation.”
About Nortec Minerals Corp.
Nortec is a mineral exploration and development company based in Vancouver, British Columbia. The Company has an option to earn 100% interest in the Seinajoki-Kaatiala Gold-Antimony-Rare Earth-Lithium Property in western Finland and owns a 100% interest in the Tammela Lithium-Tin-Tantalum-Rare Earth Project in southwest Finland. The Kaatiala reservation covers a quarry which produced 18 tonnes of beryl, 5 tonnes of columbite and 190,000 tonnes of rare mineral calcium feldspar, according to the information obtained from the Geological Survey of Finland (“GTK”).
Nortec also has a 100% interest in the LK Palladium-Platinum-gold-Copper-Nickel Project (the combined Kaukua & Haukiaho Projects) in north-central Finland, a minimum 51% interest with an option to earn 90% interest in the TL Nickel-Copper-Cobalt Property in Northern Labrador, Canada and an option to acquire 51% interest in the Ganarin Gold-Silver Property, Ecuador.
On behalf of the Board of Directors,
NORTEC MINERALS CORP.
“Mohan R. Vulimiri”
Mohan R. Vulimiri, President & CEO
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
This press release contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward looking statements. 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.
NORTEC MINERALS CORP.
Suite 875 - 555 Burrard Street, Box 208, Bentall Two Centre Vancouver, BC, CANADA V7X 1M8 Phone: 604-717-6426 Fax: 604-683-9649 Toll Free: 1-866-658-1261