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Montero Mining & Exploration reprices C$1.12mln offering

In February the group said it was raising C$1.12mln from investors in a private placing at 28 cents..

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Montero plans to use the net proceeds for general corporate and working capital

Africa-focused explorer Montero Mining & Exploration Ltd (CVE: MON) has repriced its previously announced offering and said it is seeking to buy and assess new lithium and cobalt properties.

In February, the group said it was raising C$1.12mln from investors in a private placing at 28 cents.

The placement now consists of up to 4.66mln units at 24 cents a pop for gross proceeds of around C$1.12mln.

As before, Montero plans to use the net proceeds for general corporate and working capital.

Each unit will consist of one share and share purchase warrant.

The latter will entitle the holder to buy one share for 32 cents each until the date, which is 18 months following closing.

In the brief regulatory filing, Montero said it was “actively" seeking to acquire and evaluate new lithium and cobalt properties in Africa to develop its new battery metals strategy.

Quick facts: Montero Mining and Exploration Ltd

Price: 0.04 CAD

TSX-V:MON
Market: TSX-V
Market Cap: $875.23 k
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