Business
Montero Announces Proposed Private Placement, Share Consolidation and Debt Settlement
TORONTO, ONTARIO--(Marketwired - May 12, 2017) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) ("Montero" or the "Corporation") is pleased to announce t
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 12, 2017) - Montero Mining and Exploration Ltd. (TSX VENTURE:MON) (\"Montero\" or the \"Corporation\") is pleased to announce that it intends to complete a non-brokered private placement of up to 20,000,000 special warrants (the \"Special Warrants\") at a price of $0.025 per Special Warrant (the \"Subscription Price\") for gross proceeds to the Corporation of up to $500,000 (the \"Offering\"). Each eight (8) Special Warrants are exercisable into one (1) common share (a \"Common Share\") if the Consolidation Condition (as herein defined) is satisfied on or before September 30, 2017. The Offering is expected to close on or before May 31, 2017. All amounts represented as \"$\" are Canadian Dollars. The Offering is being made pursuant to the grant of a \"discretionary waiver\" of the TSX Venture Exchange's (\"TSXV\") minimum $0.05 pricing requirement (the \"Waiver\") and is subject to acceptance by the TSXV. With respect to the Waiver, the Corporation intends to conduct a share consolidation of its outstanding Common Shares on the basis of a minimum of one (1) post-consolidation Common Share for each eight (8) pre-consolidation Common Shares (the \"Share Consolidation\"), or such other ratio as may be agreed in writing by the Corporation and the subscribers to the Offering (the \"Consolidation Condition\") which would result in a post-consolidation conversion price equal to or greater than $0.05 per Common Share on or before September 30, 2017 (the \"Consolidation Deadline\"). If the Consolidation Condition is satisfied on or before the Consolidation Deadline, the Special Warrants shall be deemed to be exercised for no further consideration (without any further action on the part of the Special Warrant holders) at 5:00 p.m. (Toronto time) on the date of the Consolidation Condition. However, if the Consolidation Condition is not satisfied on or before the Consolidation Deadline, the Special Warrants shall be redeemed at the Subscription Price with interest payable at the rate of 10% per annum. Montero intends to use the net proceeds from the Offering for general working capital purposes. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including shareholder approval of the Share Consolidation at the annual and s...