Monterey Minerals (CSE: MREY) announced this morning that it will be conducting a non-brokered private placement for gross proceeds of up to $1.5 million. Each unit is to be sold at a price of $0.05 per unit, with the firm expecting to sell up to thirty million units.
Each unit sold under the offering consists of one common share and one common share purchase warrant. Each warrant is valid for a period of two years from the date of closing, with an exercise price of $0.10 per share.
Proceeds from the financing are to be used for general working capital purposes, as well as exploration at Monterey’s Alicia Project, a project located in the Philippines that the firm currently has a definitive agreement in place to acquire a 100% stake in. Prior exploration conducted on the property has highlights that include a channel sample that returned 1,299.9 grams per tonne gold and 332.6 grams per tonne silver, while recent shallow drilling has assayed 1.2 metres of 116 grams per tonne gold among other results.
Monterey Minerals last traded at $0.065 on the CSE.
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