OR Dissemination IN the United States/
Montero Announces $1,300,000 Non-Brokered Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
Toronto, Ontario – August 06, 2024 – Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”)
is pleased to announce that it intends to complete a non -brokered private placement of up to 4,814,815 common shares
of the Corporation (the “Common Shares”) at a price of $0.27 per Common Share, for gross proceeds of up to $1,300,000
(the “Offering”).
Montero intends to use the net proceeds from the Offering for general corporate and working capital purposes. Completion
of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including
the approval of the TSX Venture Exchange (the “ TSXV”) and applicable securities regulatory authorities. The Corporation
may pay finders' fees in connection with the Offering in cash or securities, or a combination thereof. The securities to be
issued pursuant to the Offering will be subject to a four month and one day statutory hold period from the date of issuance.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the Uni ted
States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended,
or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a
U.S. person (as defined in Regulation S under the United States Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such registration is available.
About Montero
Montero is currently in arbitration proceedings before the International Centre for Settlement of Investment Disputes
(ICSID) seeking in excess of $90 million in damages from the United Republic of Tanzania over the expropriation of the Wigu
Hill rare earth element project. Montero is also 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 has 45,281,295 shares
outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President and Chief Executive Officer
E-mail: [email protected]
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.
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, proj ections and estimates with
respect to the Offering, including the terms, timing and completion thereof and the use of proceeds from the Offering . Generally, forward -looking
information can be identified by the use of forward -looking terminology such a s “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 agreement, results of exploration, project development, reclamation and capital costs of Montero’s mineral properties, an d financial condition and
prospects, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to complete the agreement 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; tech nological and operational
difficulties encountered in connection with Montero’s activities; and other matters dis cussed 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.