Montero Mining and Exploration Announces Non-Brokered Private Placement to Raise $1.3 Million

Montero Mining and Exploration Ltd. (TSX-V: MON) is excited to announce its plans to complete a non-brokered private placement to raise up to $1.3 million. The company intends to issue up to 4,814,815 common shares at a price of $0.27 per share. The net proceeds from the offering will be used for general corporate and working capital purposes.

The completion of the private placement is subject to certain conditions, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. Montero may pay finders’ fees in cash or securities in connection with the offering.

The securities issued as part of the private placement will be subject to a four-month and one-day statutory hold period from the date of issuance.

Montero Mining and Exploration Ltd. is currently engaged in arbitration proceedings seeking damages in excess of $90 million from the United Republic of Tanzania over the expropriation of the Wigu Hill rare earth element project. Additionally, the company is actively seeking a joint venture partner to advance its Avispa copper-molybdenum project in Chile.

Montero trades on the TSX Venture Exchange under the symbol MON and currently has 45,281,295 shares outstanding.

For more information, please contact Dr. Tony Harwood, President and Chief Executive Officer of Montero Mining and Exploration Ltd., via email at ir@monteromining.com or by phone at +1 604 428 7050.