By Devika Patel
Knoxville, Tenn., July 8 - Nortec Minerals Corp. said it took in C$1.07 million through a non-brokered private placement of units. The deal priced for C$750,000 on May 31.
The company sold 8,941,500 units at C$0.12 apiece. The units each consist of one common share and one warrant, with each warrant exercisable at C$0.20 for two years.
Proceeds will be used for the drilling program on the Seinajoki Gold project in Finland and for general working capital.
Based in Vancouver, B.C., Nortec is a junior resource company.
| Issuer: | Nortec Minerals Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,072,980
|
| Units: | 8,941,500
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | May 31
|
| Settlement date: | July 8
|
| Stock symbol: | TSX Venture: NVT
|
| Stock price: | C$0.14 at close May 31
|
| Market capitalization: | C$14.3 million
|
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