/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
CALGARY, Jan. 29, 2014 /CNW/ - Montana Exploration Corp. ("Montana") (TSXV:MTZ) announces that it intends to enter into a series of
debentures with ANG Partners, Ltd. ("ANG"), an affiliate of James Collins, a control person and director of
Montana, and Blue Sky Exploration Limited ("Blue Sky"), an affiliate of Julian McIntyre, a control person and director of
Montana, pursuant to which Montana will borrow the principal amount of
$2,000,000 from ANG and $1,250,000 from Blue Sky. ANG and Blue Sky may
enter into additional debentures in the aggregate principal amount of
up to $2,250,000. The debentures will bear an interest rate of 12% per
annum and, at any time before five years from the effective date of the
debenture, the principal amount owing will be exchangeable into common
shares in the capital of Montana (the "Shares") at a price of $0.25 per Share. If the previously announced
arrangement between Montana and Waldron is completed and the previously announced concurrent private placement
of ANG and Blue Sky (the "Private Placement") for Shares at a price of $0.25 per Share is completed, the debentures
will be cancelled, no interest will be payable and the principal
amounts owing under the debentures will represent an advance on the
subscription amounts owing from ANG and Blue Sky pursuant to the
This transaction is subject to TSX Venture Exchange approval.
About Montana Exploration Corp.
Montana is a Canadian junior oil and gas exploration and production
company focusing on the Shaunavon oil opportunities underlying its
extensive land holdings in the state of Montana. In the United States
the company operates through its wholly owned subsidiary, Montana Land
& Exploration, Inc. Montana's common shares are listed on the TSX
Venture Exchange under the trading symbol "MTZ". Additional information
regarding Montana is available under Montana's profile at www.sedar.com or at Montana's website, www.montanaexplorationcorp.com.
Forward Looking Statements
Certain statements contained in this document constitute
"forward-looking statements" and/or "forward-looking information"
within the meaning of applicable securities laws (collectively referred
to as forward-looking statements). Forward-looking information is
often, but not always, identified by the use of words such as
"anticipate", "believe", "expect", "plan", "intend", "forecast",
"target", "project", "guidance", "may", "will", "should", "could",
"estimate", "predict" "propose" or similar words suggesting future
outcomes or language suggesting an outlook. Forward-looking statements
in this press release include, but are not limited to statements about
the prospect for, and timing of the completion of any future debenture
issuances, the arrangement and the Private Placement.
Forward-looking statements and information contained in this press
release are based on our current beliefs as well as assumptions made
by, and information currently available to, us. Although we consider
these assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect.
By their very nature, the forward-looking statements included in this
press release involve inherent risks and uncertainties, both general
and specific, and risks that predictions, forecasts, projections and
other forward-looking statements will not be achieved. We caution
readers not to place undue reliance on these statements as a number of
important factors could cause the actual results to differ materially
from the beliefs, plans, objectives, expectations and anticipations,
estimates and intentions expressed in such forward-looking statements.
These factors include, but are not limited to the failure to complete
any future debenture issuances, the failure to complete the arrangement
and the Private Placement and any failure to obtain any required
regulatory approvals. The debentures are subject to Montana receiving
approval from the TSXV. No assurance can be given that any of the
events anticipated by the forward-looking information and statements
will transpire or occur or, if any of them does, what benefits Montana
will derive from them. Readers are cautioned that the foregoing list of
factors that may affect future results is not exhaustive. When relying
on our forward-looking statements to make decisions with respect to
Montana, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Furthermore, the
forward-looking statements contained in this press release are made as
of the date of this document and we do not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by applicable law. The forward-looking
statements contained in this press release are expressly qualified by
this cautionary statement.
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 RELEASE.
SOURCE: Montana Exploration Corp.
For further information:
For further information on Montana and the debentures, please contact:
Montana Exploration Corp.
Chairman and Chief Executive Officer
Telephone: (403) 265-9091
Vice President Finance and Chief Financial Officer
Telephone: (403) 265-9091