Montero Announces Closing of Private Placement
August 29, 2024Toronto, Ontario – August 29, 2024 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) is pleased to announce that it has closed the second and final tranche (the “Second Tranche”) of its non-brokered private placement, as previously announced on August 6, 2024 and August 16, 2024 (the “Offering”). An aggregate of 4,861,680 common shares of the Corporation (the “Common Shares”) were issued under the Offering, at a price of $0.27 per Common Share, for gross proceeds of $1,307,254. An aggregate of 2,397,236 Common Shares were sold under the Second Tranche for total gross proceeds of $647,254.
Dr. Tony Harwood, President and CEO of Montero, commented, “We are pleased to announce the successful closing of the second and final tranche of Montero’s oversubscribed private placement.”
Montero intends to use the net proceeds from the Offering for general corporate and working capital purposes. 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 Second Tranche, the Corporation paid a cash finder fee of $3,000.24 to Haywood Securities Inc. The Common Shares issued under the Offering 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 50,122,975 shares outstanding.