Nortec (NVT) Announces Letter of Intent for $20.5 Million Option of the LK Project, Finland

Nortec Minerals Corp. (TSXV:NVT) reports that it has signed a binding Letter of Intent with Otterburn Ventures Inc. (CNQ:OTB).

The press release is quoted as saying:

Under the terms of the LOI, Otterburn can earn an 80% interest in the LK Project on payment of $10.5 million in cash and securities to Nortec and by expending $10 million in exploration work within 3 years of signing the Option Agreement (“OA”). The effective date (“Effective Date”) of the OA shall be within five business days after receipt of both CNSX and TSX Venture (collectively, the “Exchange”) acceptance (if necessary) of the OA, and in any event no later than August 30, 2011.

Click here to access the entire press release. 

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