Montero Mining and Exploration ( (TSE:MON) ) has provided an announcement.
Montero Mining and Exploration Ltd. has announced a share consolidation and a C$15 million return of capital to its shareholders, following a settlement with Tanzania over the expropriation of its Wigu Hill project. The consolidation will reduce the number of common shares, and the return of capital aims to provide immediate value to shareholders. The company plans to retain C$3.4 million for further exploration at its Avispa project and to explore new opportunities. Shareholders will vote on this distribution in June, with the board recommending approval.
More about Montero Mining and Exploration
Montero Mining and Exploration Ltd. is a company in the mining industry, primarily focused on the exploration and development of rare earth elements and other mineral resources. The company is involved in projects such as the Wigu Hill rare earth element project in Tanzania and the Avispa copper gold project.
YTD Price Performance: 1.67%
Average Trading Volume: 244,486
Technical Sentiment Signal: Sell
Current Market Cap: C$15.44M
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