Montero Announces Shareholder Approval of Return of Capital and Key Distribution Dates
June 11, 2025Toronto, Ontario – June 11, 2025 – Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) (“Montero” or the “Company”) is pleased to announce that its shareholders (the “Shareholders”) have approved the previously announced return of capital to Shareholders. This will be done through a cash distribution totalling C$15,036,892.50, paid out pro rata to Shareholders by reducing the Company’s stated capital (the “Distribution”).
Each Shareholder will receive C$1.80 per common share of the Company (the “Shares”), based on the current number of Shares issued and outstanding as of the date hereof.
The funds for this Distribution come from part of the net proceeds Montero received from its US$27 million settlement with the United Republic of Tanzania, which resolved the dispute related to the expropriation of the Wigu Hill rare earth project.
Important Dates:
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- Record Date: June 24, 2025.
- Payment Date: July 3, 2025.
Important Dates, Trading and Due Bills:
Due to the fact that the Distribution is greater than 25% of the company’s current market value, the TSX Venture Exchange requires special trading rules, as follows:
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- From the beginning of trading on June 24, 2025, to and including July 3, 2025 (the “Due Bill Period”), Montero Shares will trade with a “Due Bill” This means that anyone who buys Shares during this period is also buying the right to receive the Distribution.
- If Montero Shares are sold during the Due Bill Period, the right to receive the Distribution will pass to the buyer of such Shares.
- Montero Shares will begin trading without the right to the Distribution (ex-distribution) on the opening of trading on July 4, 2025, accordingly, Shareholders at the close of business on July 3, 2025, are the Shareholders that will be entitled to receive the Distribution. July 4, 2025, will be the ex-distribution date.
- The Due Bill will be redeemed on July 4, 2025, once all trades with the Due Bills attached have been settled. Shareholders shall receive their pro rata share of the Distribution on or around this date.
More information can be found in Montero’s Management Information Circular dated May 7, 2025, this is also available on SEDAR+ at www.sedarplus.com, as well as Montero’s website www.monteromining.com.
The Distribution is subject to the final approval by the TSX Venture Exchange.
About Montero
Montero Mining and Exploration Ltd. is a Canadian exploration company with a focus on mineral development in emerging markets. The Company recently concluded a US$27 million settlement with the Government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare earth project.
Montero holds the Avispa copper-molybdenum project in northern Chile and is currently advancing the project through exploration. The Company’s board and management have a strong track record in discovering and developing precious metal and base metal projects.
Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 Common Shares and 741,667 stock options outstanding.