Montero Extends Warrant Expiry Date
October 15 2019 - 11:25AM
Montero Mining and Exploration Ltd (TSX.V: MON) (“Montero” or the
“Company”) is pleased to confirm that further to its news release
dated October 9, 2019 the Company’s application to extend the
expiry date of an aggregate of 3,440,849 common share purchase
warrants (the “Warrants”) by twelve (12) months was accepted by the
TSX Venture Exchange.
The Warrants are exercisable for common shares
of the Company at a price of $0.32 per common share and bear an
expiry date of October 27, 2019. The new expiry date of the
Warrants has been extended to 4:00 p.m. (Pacific Time) on October
27, 2020. All other terms and conditions of the Warrants,
including the exercise price, remain the same.
The 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 property option agreements, 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 any of the property option agreements 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.
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