Montero Closes $800,000 Non-Brokered Private Placement
January 18, 2024/Not for Distribution to U.S. Newswire Services or Dissemination in The United States/
Toronto, Ontario – January 18, 2023 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) is pleased to announce that it has closed its previously announced non-brokered private placement of 5,332,997 common shares of the Corporation (the “Common Shares”) at a price of $0.15 per Common Share, for gross proceeds of $799,949.55 (the “Offering”).
Dr. Tony Harwood, President and CEO of Montero, commented: “We are pleased to have completed Montero’s private placement and are delighted to welcome Mr. Jeremy Raper as a new strategic shareholder.”
Montero intends to use the net proceeds from the Offering for general corporate and working capital purposes. 708 Capital Pty Ltd and Haywood Securities Inc. acted as finders in connection with the Offering and were paid a cash commission by the Corporation of $30,000.00 and $2,999.99 respectively. Closing of the Offering is subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange (the “TSXV”).
Certain directors of the Corporation (the “Insiders”) subscribed for an aggregate of 296,667 Common Shares under the Offering, with such participation being considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Corporation is relying on the exemption from the requirement for a formal valuation and minority shareholder approval under MI 61-101 on the basis of the exemptions contained in section 5.5(1)(a) and section 5.7(1)(a) of MI 61-101, as the fair market value of the consideration of the shares to be issued to the Insiders under the Offering does not exceed 25% of the Corporation’s market capitalization.
The securities to be issued pursuant to 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 a junior exploration company focused on finding, exploring, and advancing globally significant gold, silver, and base metal deposits in Chile. Montero’s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero is currently in arbitration proceedings against the United Republic of Tanzania over the expropriation of the Wigu Hill rare earth element project before the International Centre for Settlement of Investment Disputes. Montero trades on the TSX Venture Exchange under the symbol MON and has 43,980,482 shares outstanding.