CALGARY, March 3, 2017 /CNW/ – Montana Exploration Corp. (“Montana Exploration” or the “Company“) (TSXV: MTZ) today announced that it intends to undertake a non-brokered private placement offering of up to 1,289,603 common shares of the Company (the “Common Shares“) at a price of $0.195 per Common Share for gross proceeds of up to $251,472.59 (the “Offering“).
A director of the Company who controls Vanco-Stock Ltd., a majority shareholder of the Company, and a family member of the director have given a written commitment to take up the entire Offering. The Offering is being conducted at the same price as the recent Rights Offering to enable the director to acquire common shares for accounts controlled by the director and his family member that did not participate in the Rights Issue for administrative reasons.
The net proceeds received by the Company from the Offering will be used for general and administrative expenses associated with its ongoing drilling and completion operations in the State of Montana.
There will be no commission or finder’s fee payable in connection with the Offering.
The Common Shares issued pursuant to the Offering will be subject to a four month hold period from the date of issuance. The closing of the Offering is conditional upon approval of the TSX Venture Exchange.
ABOUT MONTANA EXPLORATION CORP.
Montana Exploration Corp. is an oil and gas exploration and production company focusing on the Shaunavon oil and Eagle gas opportunities underlying its extensive land holdings and drilling rights in the State of Montana. In the United States, the company operates through its wholly-owned subsidiary, Montana Land & Exploration, Inc. The Company’s common shares are listed on the TSX Venture Exchange under the trading symbol “MTZ”. Additional information regarding the company is available at www.SEDAR.com or at www.MontanaExplorationCorp.com.