Montero Announces Shareholder Approval of Return of Capital and Key Distribution Dates
TORONTO, June 11, 2025 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) ('Montero' or the 'Company') is pleased to announce that its shareholders (the 'Shareholders') have approved the previously announced return of capital to Shareholders. This will be done through a cash distribution totalling C$15,036,892.50, paid out pro rata to Shareholders by reducing the Company's stated capital (the 'Distribution').
Each Shareholder will receive C$1.80 per common share of the Company (the 'Shares'), based on the current number of Shares issued and outstanding as of the date hereof.
The funds for this Distribution come from part of the net proceeds Montero received from its US$27 million settlement with the United Republic of Tanzania, which resolved the dispute related to the expropriation of the Wigu Hill rare earth project.
Important Dates:
Record Date: June 24, 2025.
Payment Date: July 3, 2025.
Important Dates, Trading and Due Bills:
Due to the fact that the Distribution is greater than 25% of the company's current market value, the TSX Venture Exchange requires special trading rules, as follows:
From the beginning of trading on June 24, 2025, to and including July 3, 2025 (the 'Due Bill Period'), Montero Shares will trade with a 'Due Bill' attached. This means that anyone who buys Shares during this period is also buying the right to receive the Distribution.
If Montero Shares are sold during the Due Bill Period, the right to receive the Distribution will pass to the buyer of such Shares.
Montero Shares will begin trading without the right to the Distribution (ex-distribution) on the opening of trading on July 4, 2025, accordingly, Shareholders at the close of business on July 3, 2025, are the Shareholders that will be entitled to receive the Distribution. July 4, 2025, will be the ex-distribution date.
The Due Bill will be redeemed on July 4, 2025, once all trades with the Due Bills attached have been settled. Shareholders shall receive their pro rata share of the Distribution on or around this date.
More information can be found in Montero's Management Information Circular dated May 7, 2025, this is also available on SEDAR+ at www.sedarplus.com, as well as Montero's website www.monteromining.com.
The Distribution is subject to the final approval by the TSX Venture Exchange.
About Montero
Montero Mining and Exploration Ltd. is a Canadian exploration company with a focus on mineral development in emerging markets. The Company recently concluded a US$27 million settlement with the Government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare earth project.
Montero holds the Avispa copper-molybdenum project in northern Chile and is currently advancing the project through exploration. The Company's board and management have a strong track record in discovering and developing precious metal and base metal projects.
Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 Common Shares and 741,667 stock options outstanding.
Montero Mining and Exploration Ltd. Dr. Tony Harwood, President, and Chief Executive OfficerE-mail: ir@monteromining.com Tel: +1 604 428 7050www.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. 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'. Forward-looking information in this press release include statements with respect to the Distribution, including the timing and amount thereof. 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: the inability to complete the Distribution on the terms currently contemplated, or at all; the decision of the Board to re-allocate part or all of the Distribution funds 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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