TSX-V-listed Montero Mining and Exploration has announced that it has completed a non-brokered private placement of 3,440,849 units at a price of $0.24 per unit, for gross proceeds of approximately CA$825,803.
Montero intends to use the net proceeds from the offering for mineral exploration and working capital purposes.
Each unit consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one common share at a price of $0.32 per common share until the date which is 18 months following the closing date of the offering.
The warrants are subject to an acceleration provision whereby if the closing price of the common shares on the TSX Venture exchange closes at a minimum of $0.32 per share for a period of 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.
In connection with the offering, a finder received a commission of $16,704, payable as to 69,600 common shares priced at $0.24 per common share.
All securities issued or issuable pursuant the offering including the commission are subject to a hold period of four months and one day.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements.