Non-brokered offering will finance exploration activities in Tanzania
By Devika Patel
Knoxville, Tenn., July 26 - Montero Mining and Exploration Ltd. said it increased a non-brokered private placement of units to C$5.8 million from C$5 million. The deal priced July 5.
The company will now sell 9,666,666 units of one common share and one half-share warrant at C$0.60 per unit. Each whole warrant will be exercisable at C$0.80 for two years. The strike price reflects a 21.21% premium to C$0.66, the July 4 closing share price.
Proceeds will be used for continued exploration at the Wigu Hill Rare Earth Project in Tanzania and for general working capital.
Montero is a Toronto-based rare earth elements exploration company.
| Issuer: | Montero Mining and Exploration Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5.8 million
|
| Units: | 9,666,666
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | July 5
|
| Upsized: | July 26
|
| Stock symbol: | TSX Venture: MON
|
| Stock price: | C$0.66 at close July 4
|
| Market capitalization: | C$27.08 million
|
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