TORONTO, July 04, 2025 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) ("Montero" or the "Company") is pleased to announce that it has completed its previously announced return of capital to its shareholders (the "Shareholders"). The return of capital was completed through a cash distribution totalling C$15,036,892.50, paid out pro rata to Shareholders by reducing the Company's stated capital (the "Distribution").
The Company confirms that, aside from the Distribution, there have been no other material developments concerning the Company. The Company believes recent share price volatility is linked to the completion of the Distribution.
The funds for this Distribution were derived from a portion of the net proceeds Montero received from its US$27 million settlement with the United Republic of Tanzania, which resolved the dispute related to the expropriation of the Wigu Hill rare earth project. More information on the Distribution may be found in the Company's press release dated June 11, 2025 and Montero's Management Information Circular dated May 7, 2025, this is also available on SEDAR+ at www.sedarplus.ca, as well as Montero's website www.monteromining.com.
The Company wishes to remind registered Shareholders that, following the consolidation of its common shares effective May 5, 2025, each registered shareholder received a letter of transmittal from the Company's transfer agent, Odyssey Trust Company. This letter provides detailed instructions regarding the process for exchanging share certificates representing pre-consolidation common shares for new share certificates or Direct Registration Advice (DRS) evidencing their entitlement to post-consolidation common shares resulting from the consolidation.
Registered shareholders must complete the letter of transmittal in order to receive the Distribution. The letter of transmittal is available on the Company's SEDAR+ profile at www.sedarplus.ca.
About Montero
Montero Mining and Exploration Ltd. is a Canadian exploration company with a focus on mineral development in emerging markets. The Company recently concluded a US$27 million settlement with the Government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare earth project.
Montero holds the Avispa copper-molybdenum project in northern Chile and is currently advancing the project through exploration. The Company's board and management have a strong track record in discovering and developing precious metal and base metal projects.
Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 Common Shares and 741,667 stock options outstanding.
For more information, contact:
Montero Mining and Exploration Ltd.
Dr. Tony Harwood, President, and Chief Executive Officer
E-mail: ir@monteromining.com
Tel: +1 604 428 7050
www.monteromining.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release includes statements with respect to the Distribution, including the timing and amount thereof. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, the Corporation's deployment of capital, business prospects, strategies, regulatory developments, future commodity prices, exchange rates, satisfactory arrangements for the payment of legal expenses, the ability of the Company to find suitable exploration projects, results of exploration, project development, reclamation and capital costs of Montero's mineral properties, and financial condition and prospects, all of which could differ materially from those currently anticipated in such statements for many reasons such as: the inability to complete the Distribution on the terms currently contemplated, or at all; the decision of the Board to re-allocate part or all of the Distribution funds changes, in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero's activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero's forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
