Montero Submits Application to Amend Warrant Expiry Date
October 08 2019 - 1:44PM
Montero Mining and Exploration Ltd (TSX.V: MON) (“Montero” or the
“Company”) announces it will be applying to the TSX Venture
Exchange (the “Exchange”) for approval to extend the expiry date of
3,440,849 common share purchase warrants (the “Warrants”)
originally issued in April 2018 pursuant to a non-brokered private
placement financing.
The Warrants are exercisable for common shares
of the Company at a price of $0.32 per common share and presently
bear an expiry date of October 27, 2019. The Company is proposing
to extend the expiry date of the Warrants by an additional twelve
(12) months to 4:00 p.m. (Pacific Time) on October 27, 2020. All
other terms and conditions of the Warrants, including the exercise
price, will remain the same. Additional details of the Warrants are
provided in the Company’s news release dated February 5, 2018,
April 10, 2018 and April 27, 2018.
The proposed extension constitutes a related
party transaction within the meaning of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions (“MI 61-101”) as related parties to the Company hold
an aggregate of 133,714 of the Warrants or 3.89% of all issued and
outstanding common shares purchase warrants of the Company.
However, in accordance with MI 61-101, the exemptions from formal
valuation and minority approval requirements can be relied upon as
the fair market value of the Warrants does not exceed 25% of the
Company’s market capitalization.
About MonteroMontero is a
mineral exploration and development company engaged in the
identification, acquisition, evaluation and exploration of mineral
properties in Africa. Currently these include lithium and tin in
Namibia, phosphates in South Africa and rare earth elements in
Tanzania. Montero is reviewing and evaluating other opportunities
from its operating base in South Africa. Montero trades on the TSX
Venture Exchange under the symbol MON.
For more information, contact:
Montero Mining and Exploration Ltd. Dr.
Tony Harwood, President and Chief Executive OfficerE-mail:
ir@monteromining.comTel: +1 416 840 9197 | Fax: +1 866 688
4671www.monteromining.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain "forward-looking
information" within the meaning of applicable Canadian securities
laws. Forward looking information includes, but is not limited to,
statements, projections and estimates with respect to the Share
Consolidation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Such information is based on information currently
available to Montero and Montero provides no assurance that actual
results will meet management's expectations. Forward-looking
information by its very nature involves inherent risks and
uncertainties that may cause the actual results, level of activity,
performance, or achievements of Montero to be materially different
from those expressed or implied by such forward-looking
information. Actual results relating to, among other things,
completion of the HOA, results of exploration, project development,
reclamation and capital costs of Montero’s mineral properties, and
financial condition and prospects, could differ materially from
those currently anticipated in such statements for many reasons
such as: an inability to complete the HOA on the terms as announced
or at all; changes in general economic conditions and conditions in
the financial markets; changes in demand and prices for minerals;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; technological
and operational difficulties encountered in connection with
Montero’s activities; and other matters discussed in this news
release and in filings made with securities regulators. This list
is not exhaustive of the factors that may affect any of Montero’s
forward-looking statements. These and other factors should be
considered carefully and accordingly, readers should not place
undue reliance on forward-looking information. Montero does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Montero Mining and Explo... (TSXV:MON)
Historical Stock Chart
From Apr 2024 to May 2024
Montero Mining and Explo... (TSXV:MON)
Historical Stock Chart
From May 2023 to May 2024