By Devika Patel
Knoxville, Tenn., July 7 - Nortec Ventures Corp. said it will conduct a C$1.62 million private placement of units.
The company will sell 6 million units at C$0.27 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.45 for 18 months.
PI Financial Corp., the agent, has a greenshoe for an additional 1.2 million units, or C$324,000.
Proceeds will be used to continue the company's planned 10,000-meter drill program on its Kaukua platinum, palladium, gold, nickel and copper project in Northeastern Finland, to continue exploration on the Kingurutik River and TL nickel, copper and cobalt projects in Labrador and for general working capital.
Nortec is a Vancouver, B.C.-based mineral exploration company.
| Issuer: | Nortec Ventures Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.62 million
|
| Greenshoe: | 1.2 million units, or C$324,000
|
| Units: | 6 million
|
| Price: | C$0.27
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | PI Financial Corp.
|
| Pricing date: | July 7
|
| Stock symbol: | TSX Venture: NVT
|
| Stock price: | C$0.31 at close July 4
|
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