Montero Mining Settles Debt with Equity

Montero Mining and Exploration (TSE:MON) has released an update.

Montero Mining and Exploration Ltd. has concluded a debt settlement by issuing over 1.3 million shares at CAD$0.15375 each to its CEO and certain creditors, effectively managing CAD$200,000 of accrued expenses since 2021. The settlement, which is part of a strategy to conserve cash for operational funds, is considered a related party transaction but complies with market cap regulations and has received independent director approval. Shares from this transaction are held for a four-month period, expiring on June 29, 2024.

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