Mr. Cameron Bell reports

NORTEC ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Nortec Minerals Corp. has arranged a non-brokered private placement to raise aggregate gross proceeds of up to $150,000.

"A successful 2023 VTEM [versatile time domain electromagnetics] survey and ground truthing via soil geochemistry clearly demonstrates strong prospectivity for a new VMS [volcanogenic massive sulphide] deposit at the Sturgeon Lake VMS project. In advance of drilling, further target definition will be undertaken as results from phase 2's soil geochemistry and ground EM [electromagnetics] are received and interpreted," stated Cameron Bell, vice-president of exploration.

Non-brokered private placement

The company is pleased to announce that it has arranged a private placement to raise aggregate gross proceeds of up to $150,000 through the issuance of up to 4,285,714 units of the company at a price of 3.5 cents per unit. Each unit shall consist of one common share, which will be issued as a flow-through (FT) share (as defined in Subsection 66(15) of the Income Tax Act (Canada)) and one common share purchase warrant.

Each warrant will entitle the holder thereof to purchase one non-flow-through common share at an exercise price of five cents until the date that is 24 months following the date of issuance of the warrants.

The warrants are subject to an accelerated expiry date, at the company's option, which takes effect when the common shares trade at or above the volume-weighted average price of 10 cents per common share on the TSX Venture Exchange (or such other stock exchange where the majority of the trading volume occurs) for a period of 10 consecutive trading days commencing four months plus one day after the date of issuance of the warrants.

An amount equal to the gross proceeds from the issuance of the FT shares will be used to incur Canadian exploration expenses (as this term is defined in the tax act) that the company may renounce pursuant to the tax act, with an effective date not later than Dec. 31, 2023, and that qualify either as flow-through mining expenditures (as this term is defined in the tax act) or as flow-through critical mineral mining expenditures (as this term is defined in Subsection 127(9) of the tax act), as determined in the sole discretion of the company.

The company may pay finder's fees in accordance with the policies of the TSX-V. Proceeds of the private placement will be used for exploration activities on its Ontario mineral properties.

The private placement is subject to TSX-V acceptance.

About Nortec Minerals Corp.

Nortec is a mineral exploration company that holds 100-per-cent interests in two exploration-stage critical mineral (zinc) projects, namely the Mattagami River zinc and the Sturgeon Lake VMS properties, both located in Ontario, Canada. Additionally, the company holds a 17-per-cent interest in the Tammela gold and Tammela lithium projects in southwestern Finland.

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