Nortec Minerals Corp. (TSXV:NVT) agreed to acquire Sturgeon Lake VMS Property and Mattagami River Zinc Property for approximately CAD 7.4 million on June 10, 2022. In a related private placement transaction, Nortec Minerals Corp.

Nortec is arranging to raise aggregate gross proceeds of up to CAD 750,000. also announced that in connection with the Transaction, it is arranging a non-brokered private placement to raise aggregate gross proceeds of up to CAD 750,000 through the issuance. The consideration for payment includes an aggregate of 85,000,000 common shares in the authorized share structure of Nortec, CAD 25,000 in cash, an additional CAD 1.5 million in cash upon the completion of a mineral resource estimate by an independent qualified person, as such term is defined in National Instrument 43-101 - Standards of Mineral Disclosure by the Canadian Securities Administrators ("NI 43-101"), and in accordance with NI 43-101 in respect of any of the Properties totaling a minimum of 5 million tonnes of inferred resources; and a further CAD 5.0 million in cash upon the commencement of Commercial Production.

The closing of the acquisition is subject to a number of conditions, including due diligence, a non-brokered private placement being completed and obtaining all necessary regulatory approvals, including TSX-V approval. The Company paid finders' fees in cash of CAD 9,000 to Haywood Securities Inc., being equal to 6% of the proceeds realized from the efforts of the finder.