Montero Mining and Exploration Ltd (TSX-V:MON) plans a non-brokered private placement, offering up to 5,333,334 common shares at C$0.15 per share, targeting gross proceeds of C$800,000. The funds will be allocated for general corporate and working capital purposes.
Additionally, Montero aims to settle C$200,000 in debts, including those owed to CEO Antony Harwood, by issuing 1,300,813 shares at C$0.15375 per share. The Debt Settlement, subject to TSXV approval, is deemed beneficial for preserving cash for working capital.