CALGARY, Jan. 16, 2017 /CNW/ - Today, Vanco-Stock Ltd. ("Vanco"), acquired 6,776,620 common shares ("Common Shares") in the capital of Montana Exploration Corp. ("Montana"), for an aggregate subscription price of $1,321,440.90.
The Common Shares were issued to pursuant to the terms of a rights offering circular of Montana dated December 6, 2016 whereby all shareholders of Montana were issued one right ("Right") for each Common Share held (the "Offering"). The Rights granted to shareholders were exercisable into Common Shares on a basis of 4 Rights per 1 Common Share.
Prior to the Offering, Vanco held 27,106,504 Common Shares in Montana. Upon the completion of the Offering, Vanco now holds 33,883,124 Common Shares, which represents an increase in total percentage ownership from 54.4% to 59.0%, or a net gain of 4.6%.
This news release is being disseminated as required by Canadian Securities Administrators National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the "Early Warning Report") within the prescribed period. A copy of the Early Warning Report will be available on SEDAR under Montana's issuer profile at www.sedar.com and may be obtained upon request from Montana by contacting Charles Selby, Chairman and Chief Executive Officer, Telephone at +1.403.265.9091, Mail at 2300, 144 4th Ave. S.W., Calgary, Alberta T2P 3N4
SOURCE Montana Exploration Corp.
For further information: Charles Selby, Chairman and Chief Executive Officer, Telephone at +1.403.265.9091, Mail at 2300, 144 4th Ave. S.W., Calgary, Alberta T2P 3N4