Nortec Minerals closes Convertible Debenture Financing
NORTEC MINERALS CORP .
TSX-V: NVT / FSE: WMQ / OTC-PK: NMNZF
Suite 915, 700 West Pender Street
Vancouver BC V6C 1G8, Canada
Phone: +1 604-717-6426
NORTEC MINERALS Oy
c/o Kalliolaw Asianajotoimisto Oy
Eteläranta 12,
FI-00130 Helsinki, Finland
Phone: +358 9 6812 930
Nortec Minerals closes Convertible Debenture Financing
Vancouver, BC / The Newswire / March 22 , 2019 – NORTEC MINERALS CORP . (the
“Company” or “Nortec”) (TSXV: NVT): Nortec announces the approval of the TSX Venture
Exchange to close its non-brokered Convertible Debenture Private Placement (“Private
Placement” or “Debentures”) announced January 3, 2019 and February 19, 2019 for total
proceeds of $260,500. The debentures mature on January 3, 2020 with an annual interest
rate of 12%, payable at the end of the one year term. The debenture holders may at any
time convert, all, or any portion of the convertible loan principal into common shares of the
Company at an exercisable price of $0.05 (5 cents) per common share.
The shares when converted, will be distributed to purchasers in accordance with the rules ,
regulations and policies of the Canadian Securities Act and TSX Venture Exchange. All
shares issued will accordingly be subject to a 4 (four) month hold period from the date of
issue.
The proceeds o f the private placement will be used for the initial work program on the
Tomboko property, Guinea, as recommended in the NI43-101 compliant report authored by
Dr. Serigne Dieng, Ph.D., AuSIMM,, and for working capital.
Mohan R. Vulimiri, M.Sc., P . Geo, Director and CEO of Nortec Minerals, is a Qualified Person
as defined by NI 43 -101. Mr. Vulimiri has approved the corporate and technical content
contained in this press release.
About Nortec Minerals Corp.
Nortec is a mineral exploration and developmen t company based in Vancouver, British
Columbia. Nortec earned a 51% interest of Tomboko Gold Project by incurring exploration
expenditures of US$ 1 million and completing Phases 1 and 2 of the Definitive Option
Agreement (Agreement) entered with The Golden Rule Mining Inc. in 2017. The Tomboko
Gold Project is located in the historic mineral rich North-eastern area of the Republic of
Guinea, and is within the administrative region of Kankan and the Prefecture of Siguiri and
immediately west of the Siguiri Gold Mine operated by An gloGold-Ashanti. Nortec also
spent approximately US$ 1 million of the required US$ 2.5 million to earn the remaining
29%. This will convert to pro-rata interest as defined in the Agreement.
Nortec is in the process of acquiring 100% interest, subject to a 1% Net Smelting Royalty, in
the Cottonwood Vanadium -Uranium property located in Utah, USA. The Company
received approval for the acquisition from the TSX Venture Exchange on March 20, 2019
(Re: Press Releases dated March 20, 2019 and March 3, 2019).
NORTEC MINERALS CORP .
TSX-V: NVT / FSE: WMQ / OTC-PK: NMNZF
Suite 915, 700 West Pender Street
Vancouver BC V6C 1G8, Canada
Phone: +1 604-717-6426
NORTEC MINERALS Oy
c/o Kalliolaw Asianajotoimisto Oy
Eteläranta 12,
FI-00130 Helsinki, Finland
Phone: +358 9 6812 930
The Cottonwood Project area contains historical vanadium and uranium mineral
occurrences, prospects and underground workings (Figure 3). The project area is also
underlain at depth by the vanadium -hosting, Jurassic Entrada Sandst one and Triassic
Shinarump Conglomerate formations, which are favorable for potential discoveries.
The majority of the deposits are located in an elongated cluster in eastern Garfield County,
Utah. The deposits, discovered in 1913, were intermittently mi ned first for radium, and
then for vanadium. Up to 1944, nearly 500 tons of high -grade ore were mined. During the
period 1948 through 1978, some 130 properties in the Henry Mountains had produced
79,500 tons of ore with an average grade of 0.30 percent U 3O8 and containing 474,500
pounds of uranium oxide (U 3O8). In addition, vanadium has been recovered from 63,000
tons with an average grade of 1.35 percent V 2O5 and containing 1,694,100 pounds of
vanadium oxide (V 2O5) (Re: W.L. Chenoweth, 1980, Henry Mountai ns Symposium , Utah
Geological Association).
The Company has a 20% interest in the Tammela Gold & Lithium Project in South -West
Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian mining company
has earned 80% interest in the Tammela Project. Sunstone has completed more than 3,000
meters diamond drilling on the Kietyonmaki lithium prospect and the Satulinmaki and
Riukka prospects that comprise the Tammela Project. Detailed information on the
Company’s projects have been posted on the Company’s website
www.nortecminerals.com.
On behalf of the Board of Directors,
Nortec Minerals Corp.
“Mohan R. Vulimiri”
Mohan R. Vulimiri, CEO and Chairman
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 ma y 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.