Nortec Minerals Corp. (TSXV:NVT) announced that the Company has entered into a second amendment agreement with Finore Mining Inc. to transfer the remaining 30% interest in the Läntinen Koillismaa Project to them.
As quoted in the press release:
Under the terms of the Second Amendment Agreement, Finore will have the option to earn 100% interest in the Property upon completion of the following:
- issuing 41,000,000 Shares to Nortec within five (5) business days of signing the Second Amendment Agreement and completing the required filings with the Canadian National Stock Exchange (the “CNSX”) for the issuance of such common shares;
- paying in full any amounts owed by Finore to third parties, whether incurred directly or indirectly, with respect to exploration expenditures incurred on the Property; and
- granting Nortec the right to nominate two persons for appointment or election to Finore’s Board of Directors.
Furthermore, if Finore completes all of its obligations above and issue an additional 917,707 Shares to Nortec, Finore will deem to have exercised the option to acquire 100% interest in the Property.
Nortec Minerals Corp. CEO, Mohan R. Vulimiri said:
With this Second Amendment Agreement, subject to the underlying royalties, Nortec will become the largest shareholder of Finore with 60% ownership. Nortec will provide all corporate and technical guidance and assistance to bring the LK project to fruition into a substantial palladium-platinum-gold-copper-nickel resource in a world class district.