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Montero Mining and Exploration Ltd. Announces Extension of Non-Brokered Private Placement
Not for Dissemination in the United States or over United States Newswire Services TORONTO, March 13, 2018 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Lt
About this update from Montero Mining And Exploration Ltd.
[{"type":"text","content":" Not for Dissemination in the United States or over United States Newswire Services TORONTO, March 13, 2018 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V:MON) (“Montero” or the “Corporation”) announces that it is extending the final closing date of its non-brokered private placement offering (the “Offering”) previously announced on February 5, 2018. The new final closing date, subject to the approval by the TSX Venture (“TSX-V”), will be on or around April 16, 2018. As announced on February 5, 2018, each Unit consists of one (1) common share in the capital stock of Montero (“Common Share”) and one-half (1/2) of a common share purchase warrant (a “Warrant”) at a price of CAN$0.28 per Unit. Each Warrant entitles the holder to purchase one common share at a price of CAN$0.40 per common share until the date which is eighteen (18) months following the closing date whereupon the Warrants will expire. The Warrants will be subject to an acceleration provision whereby if the closing price of the Common Shares on the TSX-V closes at a minimum of $0.40 per share for a period of ten (10) consecutive trading days, the Corporation may, at its option, accelerate the expiry date of the Warrants to the date which is 30 days following the date upon which notice of the accelerated expiry date is provided by the Corporation to the holders of the Warrants. The maximum Offering consists of 4,000,000 Units at a price of CAN$0.28 per Unit for gross proceeds of up to CAN$1,120,000. Assuming completion of the maximum Offering, there will be 14,594,022 common shares of the Corporation issued and outstanding. 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-V and applicable securities regulatory authorities. The securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period. All $ amounts in the above are Canadian Dollars. 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 ...