MCALLEN, TX, June 10, 2014 /CNW/ - James W. Collins of 900 East Lakeview Drive McAllen, Texas (the "Offeror") acquired through ANG Partners, Ltd. ("ANG"), beneficial ownership and control of 14,000,000 common shares ("Common Shares") of Montana Exploration Corp. ("Montana") at a price of $0.25 per Common Share pursuant to a share exchange agreement in which Montana received 7,777,778 common shares (the "Waldron Shares") in the capital of Waldron Energy Corporation (the "Share Exchange") from ANG. ANG previously purchased the Waldron Shares on a private placement basis at $0.45 per Waldron Share for an aggregate purchase price of $3,500,000.
The Common Shares acquired pursuant to the Share Exchange represent approximately 13.8% of the issued and outstanding Common Shares.
Upon the issuance of the Common Shares, Collins beneficially owns and controls 54,202,629 Common Shares, representing approximately 53.4% of the issued and outstanding Common Shares.
The acquisition of the Common Shares by the Offeror is for investment purposes. The Offeror may from time to time dispose of, or acquire, additional securities of Montana. The Common Shares were issued to the Offeror in reliance upon the employee, executive officer, director and consultant exemption in Section 2.24 of National Instrument 45-106 - Prospectus and Registration Exemptions.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Montana is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this press release.
SOURCE: Montana Exploration Corp.
For further information:
A copy of the Early Warning Report will appear with Montana's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Maggie Thompson on behalf of the Offeror at (956) 686-5491.