Montero Announces Upsize of Non-Brokered Private Placement to $2.5 MillionNovember 27, 2020
Toronto, Ontario – November 26, 2020 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) is pleased to announce that it has increased its previously announced non-brokered private placement offering (the “Offering”) to up to $2,500,000, composed of the sale up to 16,666,666 units (“Units”) at a price of $0.15 per Unit. Closing of the Offering is expected to occur on or about December 2, 2020.
Each Unit will consist of one common share (“Common Share”) and one half of one Common Share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.25 per Common Share until the date which is twenty four (24) months from the date of issuance. The Warrants will be subject to an acceleration provision whereby if the closing price of the Common Shares on the TSX Venture exchange (the “Exchange”) closes at a minimum of $0.50 per Common 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 thirty (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, exploration and drilling in Chile.
Completion of the Offering are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Exchange 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.
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.
Montero is a junior exploration company focused on finding, exploring and advancing globally significant gold deposits in Chile. The Company is in the process of relinquishing its portfolio of battery metal projects in Africa to focus on the Isabella gold project in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 21,880,818 shares outstanding.