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.
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.