Nortec Provides Update on Acquisition of Critical Mineral Zinc Properties in Ontario and TSXV Conditional Approval of Private Placement

Vancouver, British Columbia--(Newsfile Corp. - July 18, 2022) -  NORTEC MINERALS CORP. (TSXV: NVT) (the "Company" or "Nortec"). Further to the Company's press release of June 14, 2022, the Company wishes to provide an update on its proposed acquisition of the Sturgeon Lake VMS Property and Mattagami River Zinc Property, both located in Ontario, Canada (the "Transaction"). The Company has filed with the TSX Venture Exchange (the "Exchange") documentation requesting conditional acceptance of the Transaction and is diligently working to address the comments of the Exchange. The Company also announces that the parties to the share purchase agreement (the "Agreement") respecting the Transaction have agreed amended the Agreement to defer the $25,000 cash payment to the sellers to such date which is one year after the closing of the Transaction and waive the requirement to complete a private placement as a condition for closing. All other conditions in the Agreement remain unamended.

The Company also advises that the Exchange has conditionally accepted the proposed non-brokered private placement announced in the Company's June 14, 2022 news release, the closing of which is subject to the Company receiving final approval of the Transaction from the Exchange.

About Nortec Minerals Corp.

Nortec is a mineral exploration company based in Vancouver, British Columbia. Nortec has a 17% interest in the Tammela Gold and Tammela Lithium projects in Southwest Finland. Detailed information on this project is posted on the Company's website www.nortecminerals.com.

On behalf of the Board of Directors,

"Michael Malana"
Interim CEO and Director
P: (604) 561-2687

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains certain forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131112