By Devika Patel
Knoxville, Tenn., Oct. 16 - Montello Resources Ltd. announced that it plans a private placement of units to raise up to C$1.8 million.
The company will sell up to 10,000,000 units at C$0.18 apiece. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.30 for one year.
The company might pay an 8% cash commission and 10% in warrants for this deal.
Proceeds will be used for general working capital.
Montello is an oil and natural gas company based in Calgary, Alta.
Issuer: | Montello Resources Ltd.
|
Issue: | Units of one common share and one warrant
|
Amount: | C$1.8 million (maximum)
|
Units: | 10,000,000 (maximum)
|
Price: | C$0.18
|
Warrants: | One warrant per unit
|
Warrant expiration: | One year
|
Warrant strike price: | C$0.30
|
Fees: | 8% in cash; 10% in warrants
|
Pricing date: | Oct. 15
|
Stock symbol: | TSX Venture: MEO
|
Stock price: | C$0.225 at close Oct. 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.