Montero Mining and Exploration Ltd (TSX-V:MON). has announced the completion of a debt settlement transaction with chief executive Antony Harwood and certain other creditors.
An aggregate debt of C$200,000 from expenses dating back to 2021 was settled, the firm said on Thursday.
This included through the issue of 1,300,813 common shares in the company, at a deemed price of C$0.15375 each.
Harwood was issued with 905,849 shares as part of this, with these settlement shares subject to a fourth-month hold period, expiring on June 29.
This leaves the Toronto-listed firm with 45,281,295 outstanding 45,281,295 shares, with the settlement stock having been issued to preserve cash for general working capital purposes.