Nortec Minerals applies for 3.5 year 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"), announces that an application is being filed with the TSX Venture Exchange for a three and a half (3.5) year extension of share purchase warrants issued pursuant to the 11,000,000 unit brokered and non-brokered private placement at a price of $0.27 per unit announced on July 7, 2008 and July 23, 2008. Each unit consists of one share and one-half of a share purchase warrant which one full warrant will be exercisable to acquire one share of the company at an exercise price of $0.45 per share. The private placement was accepted for filing by the TSX Venture Exchange on August 27, 2008.
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.”
The three and a half (3.5) year extension of the warrants is subject to the approval of TSX Venture Exchange.
On receipt of the approval from the TSX Venture Exchange, the new expiry date of the warrants will be August 27, 2013.
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