Montero Effects Share ConsolidationJuly 13, 2017
TORONTO, ONTARIO–(Marketwired – July 13, 2017) – Montero Mining and Exploration Ltd. (TSX VENTURE:MON) (“Montero” or the “Corporation“) today announces implementation of the consolidation of its issued and outstanding common shares on the basis of eight (8) pre-consolidated common shares for (1) post-consolidation common share, consolidating its 84,752,174 currently outstanding common shares to 10,594,019 common shares (the “Share Consolidation“).
The Share Consolidation was approved at the annual and special meeting of shareholders held on June 30, 2017. On May 26, 2017, in accordance with the constating documents of the Corporation and the aforementioned shareholder approval, the board of directors of the Corporation passed a resolution authorizing the Share Consolidation.
The Corporation’s common shares are scheduled to begin trading on a post-consolidation basis on the TSX Venture Exchange (the “TSXV“) at market open on July 13, 2017 (the “Effective Date“). A letter of transmittal has been mailed to all registered shareholders with instructions on how to exchange existing share certificate(s) for new share certificate(s). Additional copies of the letter of transmittal can be obtained through Computershare Investor Services Inc. or shareholders may also obtain a copy of the letter of transmittal by accessing the Corporation’s SEDAR profile at www.sedar.com.
The Corporation’s common shares will continue to be traded on the TSXV under the symbol “MON” on a post-consolidation basis and under a new CUSIP number 612648303 and ISIN number CA6126483032. The Corporation does not intend to change its name or seek a new stock trading symbol from the TSXV in connection with the Share Consolidation.
Special Warrant Exercise
The Corporation is pleased to update that the 29,400,000 special warrants issued pursuant to a non-brokered private placement that closed on June 13, 2017 and the 32,810,800 special warrants issued pursuant to a debt settlement that closed on July 7, 2017 have been exercised on the basis of eight (8) special warrants into one (1) post-consolidated common share of the Corporation as of the Effective Date.
Following the Share Consolidation, the Corporation will have 18,370,369 issued and outstanding common shares.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently these include phosphates in South Africa and rare earth elements (REE) in Tanzania. Montero is reviewing and evaluating other opportunities from its operating base in South Africa. Montero trades on the TSX Venture Exchange under the symbol MON.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.