Montero Mining and Exploration Ltd ( TSX-V:MON , OTC:MXTRF ) has closed a C$1.5 million non-brokered private placement, giving the junior explorer fresh capital to push ahead with drilling at its Elvira Gold Project in Chile.
The company issued 2,727,273 units at C$0.55 each, for gross proceeds of C$1.5 million. Each unit includes one common share and one half of one share purchase warrant.
Each whole warrant lets the holder buy one common share at C$0.70 for 12 months from issuance. Montero may accelerate the warrant expiry to 30 days after notice if its shares close at C$1 or higher for 10 consecutive trading days on the TSX Venture Exchange.
Net proceeds will fund ongoing exploration and drilling at Elvira, advance Montero's other Chilean mineral projects and support general working capital and corporate purposes.
Montero holds a 100% interest in the Avispa copper-molybdenum project in the Palaeocene porphyry copper-molybdenum belt of northern Chile. It also holds options to acquire the Elvira and Potrero gold projects in the Maricunga Gold Belt.
