/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TSX-V SYMBOL: MTZ
CALGARY, June 5, 2013 /CNW/ - Montana Exploration Corp. ("Montana") is pleased to announce its rights offering was fully subscribed (the
"Rights Offering") for aggregate gross proceeds of $1,680,000. A total of 8,400,000
common shares were issued under the Rights Offering at a price of $0.20
per common share. ANG Partners, Ltd. ("ANG"), a significant shareholder of Montana, exercised its stand-by
commitment to acquire all remaining unexercised rights. As
compensation for providing the stand-by commitment, Montana issued
625,000 warrants to ANG, each warrant entitling ANG to purchase one
common share at an exercise price of $0.25 per common share with a term
expiring six months from closing of the Rights Offering.
The proceeds from the Rights Offering will be used to meet Montana's
financial commitments under its farmout and participation agreement
with a private Denver based oil and gas company, to reduce outstanding
payables relating to the ordinary operation of Montana's business and
to fund general and administrative costs.
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.
Caution Regarding Forward Looking Information
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 use of proceeds from the Rights Offering.
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.
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.
SOURCE: Montana Exploration Corp.
For further information:
Charles Selby, Chairman & CEO
Telephone: (403) 265 9091 (ext 247)
Fax: (403) 265 9021
Don Foulkes, President
Telephone: (403) 265 9091 (ext 248)
Fax: (403) 265 9021