Montero Mining and Exploration Ltd (CVE:MON) said it has completed the non-brokered private placement of 3,440,849 units, raising gross proceeds of around C$825,803.
In a statement, the Africa-focused company said it plans to use the proceeds for mineral exploration and working capital purposes.
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The units, priced at 24 cents each, consists of one common share and one common share purchase warrant.
Each warrant entitles the holder to purchase one common share at a price of 32 cents per common share right up to 18 months following the closing date of the offering.
The warrants are subject to an acceleration provision whereby if the common shares closes at a minimum of 32 cents per share for 10 consecutive trading days, the company may, at its option, accelerate the expiry date of the warrants to 30 days following the date upon which notice of the accelerated expiry date is provided by Montero to the warrant holders.
Montero Mining said a finder received a commission of C$16,704, payable in the form of 69,600 common shares priced at 24 cents per common Share.
All securities issued or issuable pursuant the offering including the commission are subject to a hold period of four months and one day.
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Montero Mining also noted that Global Mining Services Ltd, a company controlled by its president and chief executive, Antony Harwood, 125,808 units in the offering for gross proceeds of $30,194.
ARO Consulting Inc. which is controlled by Sheri Rempel, the interim chief financial officer of Montero, acquired 7,906 units in the offering.
The mineral exploration and development company is actively seeking to acquire and evaluate new lithium and cobalt properties in Africa to develop its new battery metals strategy.
It is reviewing and evaluating other opportunities from its operating base in South Africa.