By Devika Patel
Knoxville, Tenn., Oct. 19 - Montello Resources Ltd. announced it has closed a private placement of units, raising C$1,476,390. The deal priced on Oct. 15 for up to C$1.8 million.
The company sold 8,202,166 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 paid an 8% cash commission and 10% in warrants to certain parties 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$1,476,390
|
| Units: | 8,202,166
|
| 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
|
| Settlement date: | Oct. 19
|
| Stock symbol: | TSX Venture: MEO
|
| Stock price: | C$0.225 at close Oct. 15
|
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