Montero Mining and Exploration Ltd has completed a non-brokered private placement for gross proceeds of C$825,803. The company intends to use the net proceeds from the offering for mineral exploration and working capital purposes.
The company issued 3,440,849 units at a price of Can$0.24 per unit. Each unit consists of one common share and one common share purchase warrant.
Entities related to company executives participated in the placement.
Global Mining Services Limited, which is controlled by Montero’s president, CEO and director Antony Harwood acquired 125,808 units in the offering for gross proceeds of $30,194.
ARO Consulting Inc, which is controlled by the company’s interim CEO Sheri Rempel, acquired 7,906 units in the offering for gross proceeds of $1897.
Montero is actively seeking to acquire and evaluate new lithium and cobalt properties in Africa to develop its new battery metals strategy.
Its properties include lithium, tantalum and tin in Namibia, phosphates in South Africa and rare earth elements (REE) in Tanzania.
The TSX-V-listed company is reviewing and evaluating other opportunities from its operating base in South Africa.