{"id":1962,"date":"2024-02-29T03:03:13","date_gmt":"2024-02-29T08:03:13","guid":{"rendered":"https:\/\/monteromining.com\/?p=1962"},"modified":"2024-02-29T03:03:13","modified_gmt":"2024-02-29T08:03:13","slug":"montero-completes-debt-settlement","status":"publish","type":"post","link":"https:\/\/monteromining.com\/staging\/5850\/montero-completes-debt-settlement\/","title":{"rendered":"Montero completes debt settlement"},"content":{"rendered":"<p><strong>Toronto, Ontario \u2013 February 29, 2024<\/strong> <strong>\u2013 <\/strong>Montero Mining and Exploration Ltd. (TSX-V: MON) (\u201c<strong>Montero<\/strong>\u201d or the \u201c<strong>Corporation<\/strong>\u201d) announces that it has completed a debt settlement transaction (the \u201c<strong>Debt Settlement<\/strong>\u201d) with Dr. Antony Harwood, the Corporation\u2019s CEO and certain other creditors, in consideration for the issuance of 1,300,813 common shares of the Corporation (the \u201c<strong>Settlement Shares<\/strong>\u201d) at a deemed price of CAD$0.15375 per Settlement Share (the \u201c<strong>Debt Settlement<\/strong>\u201d), as previously announced on December 29, 2023. The Corporation settled aggregate debt of CAD$200,000 (the \u201c<strong>Debt<\/strong>\u201d) pertaining to expenses accruing since 2021. The Corporation issued the Settlement Shares to settle the Debt in order to preserve cash for general working capital purposes.<\/p>\n<p>&nbsp;<\/p>\n<p>Dr. Harwood is an insider of the Corporation, was issued 905,849 Settlement Shares pursuant to the Debt Settlement, and accordingly, the Debt Settlement is considered a \u201crelated party transaction\u201d within the meaning of Multilateral Instrument 61-101 \u2013 <em>Protection of Minority Security Holders in Special Transaction<\/em> (\u201c<strong>MI 61-101<\/strong>\u201d). The Corporation relied on the exemptions 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 Settlement Shares issued to Dr. Harwood in connection with the Debt Settlement did not exceed 25% of the Corporation\u2019s market capitalization. The Debt Settlement was approved by all of the independent directors of the Corporation.<\/p>\n<p>&nbsp;<\/p>\n<p>The Settlement Shares issued pursuant to the Debt Settlement are subject to a four month and one day hold period, which will expire on June 29, 2024.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>About Montero<\/strong><\/p>\n<p>Montero is currently in arbitration proceedings before the International Centre for Settlement of Investment Disputes seeking in excess of $90 million in damages from the United Republic of Tanzania over the expropriation of the Wigu Hill rare earth element project. Montero is also seeking a joint venture partner to advance its Avispa copper-molybdenum project in Chile. Montero\u2019s board of directors and management have an impressive track record of successfully discovering and advancing precious metal and copper projects. Montero trades on the TSX Venture Exchange under the symbol MON and has 45,281,295 shares outstanding.<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Toronto, Ontario \u2013 February 29, 2024 \u2013 Montero Mining and Exploration Ltd. (TSX-V: MON) (\u201cMontero\u201d or the \u201cCorporation\u201d) announces that it has completed a debt settlement transaction (the \u201cDebt Settlement\u201d) with Dr. Antony Harwood, the Corporation\u2019s CEO and certain other creditors, in consideration for the issuance of 1,300,813 common shares of the Corporation (the \u201cSettlement &#8230; <a title=\"Montero completes debt settlement\" class=\"read-more\" href=\"https:\/\/monteromining.com\/staging\/5850\/montero-completes-debt-settlement\/\" aria-label=\"Read more about Montero completes debt settlement\">Read more<\/a><!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1,8],"tags":[],"class_list":["post-1962","post","type-post","status-publish","format-standard","hentry","category-news","category-posts"],"acf":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts\/1962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/comments?post=1962"}],"version-history":[{"count":0,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/posts\/1962\/revisions"}],"wp:attachment":[{"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/media?parent=1962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/categories?post=1962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monteromining.com\/staging\/5850\/wp-json\/wp\/v2\/tags?post=1962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}