By Devika Patel
Knoxville, Tenn., Aug. 15 - Nortec Ventures Corp. said it completed a C$1.89 million private placement of units. The deal priced July 7 for C$1.62 million with a C$324,000 greenshoe.
The company also said it settled the first tranche of a non-brokered deal, which priced for C$$1.08 million on July 23. It raised C$770,900 in the initial tranche.
In the July 7 deal, the company sold 7 million units at C$0.27 apiece. Of those units, 1 million were part of the partially exercised greenshoe.
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. was the agent.
Proceeds will be used to continue the company's planned 10,000- meter drill program on its Kaukua Platinum - Palladium - Gold - Nickel Copper project in Northeastern Finland, continued exploration on the Kingurutik River and TL Nickel - Copper - Cobalt projects in Labrador and for general working capital purposes.
The company will sell a total of 4 million units at C$0.27 apiece in the July 23 deal. It sold 2,855,185 units in this tranche.
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.
Proceeds will be used for general working capital purposes.
Nortec is a Vancouver, B.C.-based mineral exploration company.
July 7 deal
| Issuer: | Nortec Ventures Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.89 million (includes C$270,000 greenshoe)
|
| Units: | 7 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
|
| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: NVT
|
| Stock price: | C$0.31 at close July 4
|
|
|
| July 23 deal
|
| Issuer: | Nortec Ventures Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.08 million
|
| Units: | 4 million
|
| Price: | C$0.27
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | July 23
|
| Settlement date: | Aug. 15 (for C$770,900)
|
| Stock symbol: | TSX Venture: NVT
|
| Stock price: | C$0.29 at close July 23
|
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