NEW YORK — Vulcan Minerals Inc. has entered into an agreement with Nortec Minerals Corp. to acquire Nortec’s majority share in the Tasisuak Lake nickel-copper mine in Canada’s Labrador province.

The agreement will see St. John’s, Newfoundland-based Vulcan take a 100-percent interest in the property, having previously held a 49-percent working interest to Nortec’s 51-percent interest.

As part of the deal, Vancouver, British Columbia-based Nortec will take 1 million common shares of Vulcan while also retaining a 1-percent net smelter return royalty.

The agreement is subject to TSX Venture Exchange approval.