Montero Mining and Exploration Ltd. announced that it has received CAD 1.40 million in funding.
On January 18, 2013, Montero Mining and Exploration Ltd. closed the transaction. The company issued 11,200,000 units for gross proceeds of CAD 1,400,000. The amount received includes $50,000 (CAD 50,102) received from a single investor pursuant to exemption provided under Regulation D. The transaction was oversubscribed by 40% and saw participation from new and existing shareholders and board of directors. The transaction saw participation from 52 placees including Antony Harwood who purchased 200,000 units. The warrants will expire on January 18, 2015. The company paid CAD 66,377 in finder's fees and issued 531,020 finder's warrants to Haywood Securities Inc., HBS Financial Planning Ltd., Canaccord Genuity Corp. and Jeffrey Phillips. Each such warrant entitles the holder to purchase one unit for CAD 0.125 until January 18, 2015. The hold period for the securities will expire on May 19, 2013. The transaction saw participation from the insiders of the company for 369,000 units for gross proceeds of CAD 46,125. The currency conversion was made through www.oanda.com on January 31, 2013.