Montero Submits Application To Amend Warrant Expiry DateOctober 8, 2019
Toronto, Ontario – October 8, 2019: Montero Mining and Exploration Ltd (TSX.V: MON) (“Montero” or the “Company”) announces it will be applying to the TSX Venture Exchange (the “Exchange”) for approval to extend the expiry date of 3,440,849 common share purchase warrants (the “Warrants”) originally issued in April 2018 pursuant to a non-brokered private placement financing.
The Warrants are exercisable for common shares of the Company at a price of $0.32 per common share and presently bear an expiry date of October 27, 2019. The Company is proposing to extend the expiry date of the Warrants by an additional twelve (12) months to 4:00 p.m. (Pacific Time) on October 27, 2020. All other terms and conditions of the Warrants, including the exercise price, will remain the same. Additional details of the Warrants are provided in the Company’s news release dated February 5, 2018, April 10, 2018 and April 27, 2018.
The proposed 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.