Nortec Ventures and Copper Mesa extend agreementadmin
Further to the press release dated April 1, 2009, Nortec Ventures Corp. and Copper Mesa Mining Corporation have agreed to extend the closing of Nortec’s acquisition of a subsidiary of Copper Mesa until June 30, 2009 to complete due diligence.
Under the extended agreement, Nortec will pay immediately to Copper Mesa US$90,000 and an additional US$70,000 on June 16, 2009. The US$1,100,000 payment previously due May 31, 2009 will be postponed to June 30, 2009, and the US$900,000 payment previously due June 30, 2009 will be postponed to July 31, 2009. Nortec has the right to satisfy the total payment of the purchase price if it pays to Copper Mesa the total aggregate sum of US$5,000,000 less applicable payments made; on or before July 31, 2009, which has been extended from June 30, 2009. To date Nortec Ventures has paid to Copper Mesa US$600,000 as partial payment towards the purchase price.
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.