Montero Announces Effective Date of Share Consolidation
TORONTO, May 01, 2025 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) (“Montero” or the “Company”) announces that, further to its press release dated April 16, 2025, the TSX Venture Exchange (“TSXV”) has approved the Company’s proposed consolidation (the “Consolidation”) of its common shares (“Common Shares”) on the basis of six (6) pre-Consolidation Common Shares for one (1) post-Consolidation Common Shares. The Common Shares will commence trading on the TSXV on a post-Consolidation basis effective at market opening on May 5, 2025. As of the date hereof, there are 50,122,975 Common Shares issued and outstanding. On a post-Consolidation basis, the Company shall have 8,353,833 Common Shares issued and outstanding. Pursuant to the Business Corporations Act (British Columbia) and the articles of the Company, shareholder approval of the Consolidation is not required, and the Consolidation was approved by way of resolution passed by the board of directors of the Company.
The Company 's name and trading symbol will remain unchanged following the Consolidation. The new CUSIP number will be 612648402 and the new ISIN number will be CA6126484022 for the post-Consolidation common shares. No fractional Common Shares will be issued as a result of the Consolidation. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share, and any fractional interest in Common Shares that is equal to or greater than 0.5 of a Common Share will be rounded up to the nearest whole Common Share. The share consolidation will affect all shareholders uniformly and will not alter any shareholders’ relative interest in the Company’s equity securities, except for any adjustments for fractional shares. The exercise or conversion price of, and the number of Common Shares issuable under, any convertible securities of the Company will be proportionately adjusted upon the completion of the Consolidation.
Registered shareholders will receive a letter of transmittal from the Company’s transfer agent, Odyssey Trust Company, providing instructions on how to exchange their share certificates representing pre-Consolidation Common Shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their Common Shares through an intermediary) to affect the Consolidation. The letter of transmittal will also be available on the Company’s SEDAR+ profile at www.sedarplus.ca.
About Montero
Montero has successfully concluded a US$27,000,000 settlement with Tanzania, bringing an end to the dispute over the expropriation of the Wigu Hill rare earth element project. In addition to this settlement, the Company holds the Avispa copper-molybdenum project in northern Chile and is to advance its exploration. Montero’s board of directors and management team have a strong track record in discovering and developing precious metal and copper projects. The Company is listed on the TSX Venture Exchange under the trading symbol MON and currently has 50,122,975 shares outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President, and Chief Executive Officer
E-mail: ir@monteromining.com
Tel: +1 604 428 7050
www.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.
All figures are in Canadian dollars unless otherwise noted.
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 Consolidation and the timing of the Consolidation and the Consolidation ratio. 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, the Corporation’s deployment of capital, business prospects, strategies, regulatory developments, future commodity prices, exchange rates, satisfactory arrangements for the payment of legal expenses, the ability of the Company to find suitable exploration projects, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, and financial condition and prospects, all of which could differ materially from those currently anticipated in such statements for many reasons such as: failure to obtain regulatory and shareholder approval for the Consolidation, as applicable; 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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