Montero Announces $1,120,000 Non-Brokered Private PlacementFebruary 5, 2018
TORONTO, Feb. 05, 2018 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Corporation”) is pleased to announce that it intends to complete a non-brokered private placement of up to 4,000,000 units (“Units”) at a price of $0.28 per Unit, for gross proceeds of approximately $1,120,000 (the “Offering”). Closing of the Offering is expected to occur on or about February 28, 2018.
Each Unit will consist of one common share (“Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one common share at a price of $0.40 per common share until the date which is (18) eighteen months following the closing date of the Offering. The Warrants will be subject to an acceleration provision whereby if the closing price of the Common Shares on the TSX Venture exchange (“TSX-V”) closes at a minimum of $0.40 per share for a period of ten (10) consecutive trading days, the Corporation may, at its option, accelerate the expiry date of the Warrants to the date which is 30 days following the date upon which notice of the accelerated expiry date is provided by the Corporation to the holders of the Warrants.
Montero intends to use the net proceeds from the Offering for general corporate and working capital purposes.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V and applicable securities regulatory authorities. The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.
All $ amounts in the above are Canadian Dollars.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Development of Lithium Exploration
Montero is actively seeking to acquire and evaluate new lithium and cobalt properties in Africa to develop its new battery metals strategy.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently these include Lithium, Tantalum and Tin in Namibia, Phosphates in South Africa and Rare Earth Elements (REE) in Tanzania. Montero is reviewing and evaluating other opportunities from its operating base in South Africa. Montero trades on the TSX-V under the symbol MON.