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Montero Mining & Exploration extends private placing

Montero is issuing up to 4mln shares at a price of C$0.28 each, it had said previously

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Each warrant entitles the holder to purchase a share for 40 cents per share 18 months following the closing date

Africa-focused explorer Montero Mining & Exploration Ltd (CVE:MON) says it's extending the closing date of its previously announced placing to on or around April 16.

As reported on February 5, Montero is issuing up to 4mln shares at a price of C$0.28 each to raise the money, which it has said will be used for general corporate and working capital purposes.

READ: Montero Mining & Exploration set to acquire 95% of lithium-tin project in Namibia

Each unit consists of one Montero share and one-half of a share purchase warrant.

Each warrant entitles the holder to purchase a share for 40 cents per share 18 months following the closing date.

Gross proceeds will be up to C$1.12mln. Assuming completion of the maximum offering, there will be over 14.5mln shares issued and outstanding.

Montero is currently focused on developing the Wigu Hill rare earth project in Tanzania, as well as the Soris lithium project in Namibia, which it agreed to acquire an 80% interest in towards the end of last year.

Montero also holds a 74% interest in a rock phosphate property in the Saldanha Bay area of South Africa, which is exposed at surface and is just 30km from the Saldanha Bay deep water port.

Quick facts: Montero Mining and Exploration Ltd

Price: 0.16 CAD

TSX-V:MON
Market: TSX-V
Market Cap: $3.5 m
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on 03/13/2019

2 min read