TORONTO, Feb. 29, 2024 (GLOBE NEWSWIRE) — Montero Mining and Exploration Ltd. (TSX-V: MON) (“Montero” or the “Corporation”) announces that it has completed a debt settlement transaction (the “Debt Settlement”) with Dr. Antony Harwood, the Corporation’s CEO and certain other creditors, in consideration for the issuance of 1,300,813 common shares of the Corporation (the “Settlement Shares”) at a deemed price of CAD$0.15375 per Settlement Share (the “Debt Settlement”), as previously announced on December 29, 2023. The Corporation settled aggregate debt of CAD$200,000 (the “Debt”) pertaining to expenses accruing since 2021. The Corporation issued the Settlement Shares to settle the Debt in order to preserve cash for general working capital purposes.
Dr. Harwood is an insider of the Corporation, was issued 905,849 Settlement Shares pursuant to the Debt Settlement, and accordingly, the Debt Settlement is…
