Vancouver, BC / TheNewswire / May 8, 2017 - Montan Mining Corp. (TSXv: MNY | FSE: S5GM | SSE: MNYC) ("Montan" or the "Company") is pleased to announce that it has arranged a private placement financing of up to 12,727,273 units at a price of $0.055 per unit for total gross proceeds of up to $700,000. Each unit consists of one common share and a half warrant, with each whole warrant exercisable into one additional common share at $0.10 per share for two (2) years after the closing date. The financing is subject to acceptance by the TSX Venture Exchange.
Proceeds from the financing will be used to finalise the due diligence and legal work in preparation for the acquisition of the Peruvian companies Kairos Capital Peru S.A.C ("Kairos") and M&S Transportes y Servicios Generales S.R.L ("Mirador") from Pacific Alliance (refer News Release of February 16, 2017), to fast tracking due diligence work with Cartesian Royalty Holdings (refer News Release of April 25, 2107), and for general working capital.
The Company would like to confirm that the Kairos transaction, which will provide the Company with existing (and growing) cash flow from the Mirador base and precious metals mill, is proceeding on schedule.
The Company is also actively scoping initial exploration plans for its Cerro Dorado property, and is considering initial phase work for the prospects that will be acquired upon closing of the Kairos transaction. The Company notes that recent activities in the region, including work at the Los Chapitos Project of Camino Minerals Corp., located 80km west of Cerro Dorado, has continued the trend over recent decades of making significant mineral discoveries in the Arequipa region of southern Peru.
About Montan Mining Corp.
Montan Mining Corp. is an emerging gold producer focusing on monetizing mining assets in Peru. The company is backed by an experienced management team with diverse technical, market, and finance expertise and is supported by committed and sophisticated investors focused on building long term value for shareholders.
Project location map: the locations of the Company's principal projects & the Chapitos Project of Camino Minerals Corp. are illustrated in the attached map of Peru.
