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Message: Corporate Update / Proposed Acquisition
| March 27, 2009 |
| Nortec Ventures Corp.-Corporate Update |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - Nortec Ventures Corp. ("Nortec" or the "Company") (TSX VENTURE:NVT) announces that it is in negotiations for the possible acquisition (the "Proposed Acquisition") of a subsidiary of a public company (the "Subsidiary") which indirectly holds title to a resource project. Negotiations are in the final stages, and details in respect of the Proposed Acquisition will be released to the public and regulatory authorities once an agreement has been reached. In connection with the Proposed Acquisition, Nortec is also announcing a non-brokered private placement of 5,000,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of $500,000 (the "Private Placement"). Each Unit will consist of one common share of the Company (a "Share") and one half of one transferable common share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one additional Share for a period of 18 months from the closing of the Private Placement at an exercise price of $0.15. In the event that the Shares trade on the TSX Venture Exchange at a closing price in excess of $0.15 per Share for a period of 10 consecutive trading days at any time after four months past the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by the Company. The Private Placement is integral to the Proposed Acquisition and is required to raise funds to meet the initial payment obligations under the proposed terms of the Proposed Acquisition. The Private Placement and the Proposed Acquisition are subject to the completion and execution of appropriate documentation, acceptance for filing by the TSX Venture Exchange and receipt of any further required regulatory approvals. About Nortec Ventures Corp. Nortec Ventures Corp. is a Canadian public mineral exploration company focused on the exploration and development of the Kaukua Platinum - Palladium - Gold (PGE + Au) - Nickel and Copper project located in Finland, and TL Nickel-Copper-Cobalt projects in Labrador, Canada and the Ganarin project in Ecuador. The Company has a very experienced mineral exploration and management team with the combined expertise to successfully advance the exploration and development of both precious and base metal projects. Information on Nortec's activities can be referred to on the Company's website, www.nortecventures.com. On behalf of the Board of Directors, NORTEC VENTURES CORP. Mohan R. Vulimiri, President & CEO |
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