Montero Closes $800,000 Non-Brokered Private Placement
18 Gennaio 2024 - 9:12AM
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 MonteroMontero 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.
For more information,
contact:Montero Mining and Exploration
Ltd. Dr. Tony Harwood, President and
Chief Executive OfficerE-mail: ir@monteromining.comTel: +1 416 840
9197 www.monteromining.com
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
information” within the meaning of applicable Canadian securities
laws. Forward-looking information includes, but is not limited to,
statements, projections and estimates with respect to the Offering,
including the anticipated use of the net proceeds of the Offering
and the receipt of all necessary approvals for the Offering.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. Such information is
based on information currently available to Montero and Montero
provides no assurance that actual results will meet management's
expectations. Forward-looking information by its very nature
involves inherent risks and uncertainties that may cause the actual
results, level of activity, performance, or achievements of Montero
to be materially different from those expressed or implied by such
forward-looking information. Actual results relating to, among
other things, results of exploration, project development,
reclamation and capital costs of Montero’s mineral properties, and
financial condition and prospects, could differ materially from
those currently anticipated in such statements for many reasons
such as: an inability to complete the agreement on the terms as
announced or at all; changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Montero’s activities; and other matters discussed
in this news release and in filings made with securities
regulators. This list is not exhaustive of the factors that may
affect any of Montero’s forward-looking statements. These and other
factors should be considered carefully and accordingly, readers
should not place undue reliance on forward-looking information.
Montero does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
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