Montero Announces Closing of First Tranche of Private Placement
August 16, 2024Toronto, Ontario – August 16, 2024 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) is pleased to announce that, further to its news release of August 6th, 2024, it has closed the first tranche (the “First Tranche”) of its non-brokered private placement of up to 4,814,815 common shares of the Corporation (the “Common Shares”) at a price of $0.27 per Common Share, for gross proceeds of up to $1,300,000 (the “Offering”). An aggregate of 2,444,444 Common Shares were sold under the First Tranche for total gross proceeds of $660,000. Closing of the second tranche of the Offering is expected to be on or before August 30th, 2024, or such other date or dates that the Corporation may determine.
Dr. Tony Harwood, President and CEO of Montero, commented: “We are pleased to have completed the closing of the first tranche of Montero’s private placement and are delighted in the lead subscription from Mr. Jeremy Raper.”
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 Venture Exchange (the “TSXV”) and applicable securities regulatory authorities. In connection with the First Tranche, the Corporation will pay a cash finder fee of $39,600 to 708 Capital Pty Ltd. The Common Shares issued under the First Tranche are subject to a four month and one day statutory hold period from the date of issuance.
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.
About Montero
Montero is currently in arbitration proceedings before the International Centre for Settlement of Investment Disputes (ICSID) seeking in excess of $90 million in damages from the United Republic of Tanzania over the expropriation of the Wigu Hill rare earth element project. Montero is also seeking a joint venture partner to advance its Avispa copper-molybdenum project in Chile. Montero trades on the TSX Venture Exchange under the symbol MON and has 47,725,739 shares outstanding.