Nortec Minerals announces Private Placement
NORTEC MINERALS CORP .
TSX-V: NVT / FSE: WMQ / OTC-PK: NMNZF
Suite 2000, 1066 West Hastings Street
Vancouver BC V6E 3X4, 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 announces Private Placement
Vancouver, BC / The Newswire / January 3, 2019 – NORTEC MINERALS CORP . (the
“Company” or “Nortec”) (TSXV: NVT): Nortec advises the Private Placement announced
on November 13, 2018, could not be completed and ex pired on December 28, 2018. The
Company is arranging a non-brokered private placement (“Private Placement”) of
convertible debentures (“Debentures”) in the principal amount of up to $750,000. The
Debenture will mature on January 3, 2020 and bear interest at a rate of 12% per annum,
payable at the end of the one year term. The debenture holders may convert at any time,
all, or a portion of the convertible loan principal into common shares of the Company at a n
exercisable price of $0.05 (5 cents) per common share.
The Debentures will be secured by a general security agreement against the Company’s
interest in the Tomboko project described below.
The proceeds of the Placement will be used to commence the Phase 1 drilling program on
the TOM-1 North Zone, as recommended in the NI43-101 compliant report authored by Dr.
Serigne Dieng, Ph.D., AuSIMM , and for working capital. The “Conclusions and
Recommendations” chapter was reported in the Company’s November 1, 2018 news
release and the Technical Report was subsequently filed on S EDAR. Infill termite mound
sampling will also be carried out on the TOM-2 and TOM-3 targets.
The Tomboko Gold Project consists of an exploration license covering a surface area of
75.45 km 2 in the Siguiri Basin, North -eastern Guine a, West Africa. The Tomboko Gold
Project is part of the Siguiri Basin, West Africa that host several multi -million-ounce gold
deposits in operation (SAG at Siguiri operated by AngloGold -Ashanti and Lero at Lefa
operated by Nordgold), one smaller gold min e at Kéniéro. The structural evolution of the
gold mineralization style in Tomboko is identical to the nearby +8 Moz SAG Gold Deposit
operated by AngloGold -Ashanti. In view of very positive results to date t he Tomboko
Property can therefore, be considered as very prospective terrane to host an economic
gold deposit.
The Phase I RC Drilling Program is budgeted for US$ 555,000. This is based on t he detailed
structural and geological logging and structural interpretation and modelling on the
diamond drill -tested TOM -1 North deposit undertaken by Nortec in June 2018 . This
resulted in a coherent and comprehensible new geological and structural model that gives
a better understanding of the structural setting and the style of the gold mineralization and
re-orient further drilling programs. The Phase I RC drilling program objectives are to:
• Test the proposed geological and structural model of the gold deposit;
• Test a strike length of 600 meters over the interpreted mineralized structure;
NORTEC MINERALS CORP .
TSX-V: NVT / FSE: WMQ / OTC-PK: NMNZF
Suite 2000, 1066 West Hastings Street
Vancouver BC V6E 3X4, 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
• Define and delineate laterally and down dip the gold deposit within the interpreted
structure;
• 12 fences spacing 50 meters apart; and
• 2 RC holes for each fence totalizing 3,600 meters. Holes are oriented north -east,
inclined 50o and depth varying between 175 to 80 meters.
As a result of the positive results from the historical and current work programs, several
parties have expressed interest in the Tomboko Project. Nortec is determined to complete
the Phase II, Phase III and Phase IV work programs that will bring the Tombo ko project to
the next level.
The Phase II RC drill program will follow-up on the outcrop rock sample and termite mound
sample results obtained over a trend of 1.5 kilometres.
The Phase I and Phase II drill programs will confirm the structural interp retation of the
geology at the TOM 1 North Gold target on the Tomboko exploration project, (see Press
Release August 9, 2018) and a strike length of 2.5 km and a true width of 24m at 3.6g/T
Au on the main showing. High gold grade in grab samples from rock outcrops north of the
main showing include 34.8g/t, 13.1g/t, 12.8g/t, 8.87g/t, 6.8g/t, 6.2g/t, 4.1g/t, 3.8g/t and
3.8g/t. Termite mound samples range from trace to 3,159 ppb or 3.16g/T Au.
Rotary Air Blast (RAB) drilling on the TOM -2 Target intercepted [email protected]/t (including
[email protected]/t) and [email protected]/t. Infill termite mound sampling along the structural trend on
TOM-2 and TOM -3 targets will also be completed during Phase I to define the
mineralization to be followed up with RC drilling.
The Shares when converted will be distributed to purchasers in accordance with the rules
and regulations of the Canadian Securities Act and TSX Venture Exchange policies. All
Shares issued will be subject to a 4 (four) month hold period from the date of issuance in
accordance with applicable rules and regulation of the Canadian Securities Act and TSX
Venture Exchange policies. A finder's fee may be payable on portions of the Placement.
Completion of this Placement is subject to the approval of the TSX Venture Exchange.
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 i s a mineral exploration and development company based in Vancouver, British
Columbia. The Company has a 20% interest in the Tammela Gold & Lithium Project in
NORTEC MINERALS CORP .
TSX-V: NVT / FSE: WMQ / OTC-PK: NMNZF
Suite 2000, 1066 West Hastings Street
Vancouver BC V6E 3X4, 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
South-West Finland. Sunstone Metals (formerly Avalon Minerals), a public Australian
mining company has earned the 51% interest and the 29% Stage 2 earn -in interest on the
Tammela Project. Avalon 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 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.