Montero Extends Warrant Expiry DateOctober 15, 2019
Toronto, Ontario – October 15, 2019: Montero Mining and Exploration Ltd (TSX.V: MON) (“Montero” or the “Company”) is pleased to confirm that further to its news release dated October 9, 2019 the Company’s application to extend the expiry date of an aggregate of 3,440,849 common share purchase warrants (the “Warrants”) by twelve (12) months was accepted by the TSX Venture Exchange.
The Warrants are exercisable for common shares of the Company at a price of $0.32 per common share and bear an expiry date of October 27, 2019. The new expiry date of the Warrants has been extended to 4:00 p.m. (Pacific Time) on October 27, 2020. All other terms and conditions of the Warrants, including the exercise price, remain the same.
The extension constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as related parties to the Company hold an aggregate of 133,714 of the Warrants or 3.89% of all issued and outstanding common shares purchase warrants of the Company. However, in accordance with MI 61-101, the exemptions from formal valuation and minority approval requirements can be relied upon as the fair market value of the Warrants does not exceed 25% of the Company’s market capitalization.
Montero is a mineral exploration and development company engaged in the identification, acquisition, evaluation and exploration of mineral properties in Africa. Currently these include lithium and tin in Namibia, phosphates in South Africa and rare earth elements 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.