SHARE CONSOLIDATION
The Company announces that it intends to consolidate the issued common shares in the authorized share structure of the Company (the 'Common Shares') on a five (5) pre-Consolidation Common Shares for one (1) post-Consolidation Common Share basis. The Company currently has 232,266,479 Common Shares issued and outstanding. Following the Consolidation and before considering the Private Placement, the Company will have approximately 46,453,296 common shares issued and outstanding prior to rounding for fractional shares. The Consolidation is being undertaken to increase the trading price of the Common Shares in order to enhance the marketability of the Common Shares as an investment and attract investors. The Company name will not be changed in conjunction with the Consolidation.
The Consolidation was approved by way of resolutions of the board of directors pursuant to the articles of the Company, and is subject to the acceptance of the
NON-BROKERED PRIVATE PLACEMENT
The Company is pleased to announce that it has arranged the Private Placement to raise aggregate gross proceeds of up to
Each Warrant will entitle the holder thereof to purchase one non-flow-through post-Consolidation Common Share (a 'Warrant Share') at an exercise price of
The Warrants are subject to an accelerated expiry date, at the Company's option, which takes effect when the post-Consolidation Common Shares trade at or above the volume-weighted average price of
An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur 'Canadian exploration expenses' (as this term is defined in the Tax Act) that the Company may renounce pursuant to the Tax Act with an effective date not later than
The Company may pay finders' fees in accordance with the policies of the TSX-V. Proceeds of the Private Placement will be used for exploration activities on its
The Private Placement is subject to TSX-V acceptance.
About
Nortec is a mineral exploration company that holds 100% interests in two exploration stage critical mineral (zinc) projects, namely the Mattagami River Zinc properties and the Sturgeon
Contact:
Interim CEO and Director
T: (604) 561-2687
Neither
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, performance or achievements of the Company to be materially different from the results, performance 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
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