VANCOUVER, July 6, 2015 /CNW/ - Montan Mining Corp. (TSXv: MNY) (FSE: S5GM) (the "Company" or "Montan") is pleased to announce that it has closed the first tranche of its private placement first announced on June 11, 2015. The Company issued 2,947,778 units (each, a "Unit") at a price of $0.18 per Unit for gross proceeds of $530,600.04 (the "Offering"). Each Unit consists of one common share and one-half of one non-transferable share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional common share of the Company (each, a "Warrant Share") for a period of two years from the date of issuance at an exercise price of $0.25 per Warrant Share.
The Company paid a cash commission of $16,506 and issued 91,700 Agent's Options, with each Agent's Option being exercisable into additional common shares (the "Agent's Option Shares") at a price of $0.18 per Agent's Option Share for a period of two years from the date of issuance.
The securities issued under the Offering, and the Agent's Option Shares that may be issuable on exercise of the Agent's Options, are subject to a statutory hold period expiring on November 7, 2015.
The aggregate gross proceeds from the Offering will be used to advance the Mollehuaca Gold Processing Plant and Eladium Gold Mine in Peru and for general working capital purposes.
MONTAN MINING CORP.
CEO and Director
About Montan Mining Corp.
Montan Mining Corp. (TSXv: MNY) (FSE: S5GM) is positioned for growth in Peru through the acquisition and development of advanced and/or cash flow mining opportunities. Montan is backed by an experienced and high-energy management team with diverse technical, market and finance strengths and expertise and is supported by committed and sophisticated investors focused on building value for the long term.
Neither the 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 news release.
SOURCE Montan Mining Corp.
For further information: please visit the corporate website at http://www.montanmining.ca or contact: Investor Contacts: Jason Shepherd, Investor Relations, TF: 1.866.913.1910, Ph: 188.8.131.522, Email: firstname.lastname@example.org; Peru / South America: Luis Zapata, Executive Chairman, Peru: + 51 980 782 111, Canada: 1.604.358.1382, Email: email@example.com