Montero Announces $1,300,000 Non-Brokered Private Placement
August 06 2024 - 9:47AM
Montero Mining and Exploration Ltd. (TSX-V: MON)
(“
Montero” or the “
Corporation”)
is pleased to announce that it intends to complete a non-brokered
private placement of up to 4,814,815 common shares of the
Corporation (the “
Common Shares”) at a price of
$0.27 per Common Share, for gross proceeds of up to $1,300,000 (the
“
Offering”).
Montero intends to use the net proceeds from the
Offering for general corporate and working capital purposes.
Completion of the Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange (the
“TSXV”) and applicable securities regulatory
authorities. The Corporation may pay finders' fees in connection
with the Offering in cash or securities, or a combination thereof.
The securities to be issued pursuant to the Offering will be
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
currently in arbitration proceedings before the International
Centre for Settlement of Investment Disputes (ICSID) 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 trades on
the TSX Venture Exchange under the symbol MON and has 45,281,295
shares outstanding.
For more information,
contact:Montero Mining and Exploration
Ltd. Dr. Tony Harwood, President and
Chief Executive OfficerE-mail: ir@monteromining.comTel: +1 604 428
7050www.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 terms, timing and completion thereof and the use of
proceeds from 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,
completion of the agreement, 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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