Montero Mining and Exploration Ltd. (TSXV:MON) announced a non-brokered private placement of 8,000,000 units on best efforts basis at CAD 0.125 per unit for gross proceeds of CAD 1,000,000 on December 18, 2012. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at CAD 0.25 per share for a period of 24 months following the closing date. In case the closing price of the common shares equals or exceeds CAD 0.30 for 20 consecutive trading days following the date that is four months and one day after the date of issuance of the warrants, the company shall have the right to require conversion of the warrants at the exercise price therefore upon 30 days notice. The securities issued pursuant to the transaction will be subject to a statutory four month and one day hold period.

On January 18, 2013, Montero Mining and Exploration Ltd. closed the transaction. The company issued 11,200,000 units for gross proceeds of CAD 1,400,000. The amount received includes $50,000 (CAD 50,102) received from a single investor pursuant to exemption provided under Regulation D. The transaction was oversubscribed by 40% and saw participation from new and existing shareholders and board of directors. The transaction saw participation from 52 placees including Antony Harwood who purchased 200,000 units. The warrants will expire on January 18, 2015. The company paid CAD 66,377 in finder's fees and issued 531,020 finder's warrants to Haywood Securities Inc., HBS Financial Planning Ltd., Canaccord Genuity Corp. and Jeffrey Phillips. Each such warrant entitles the holder to purchase one unit for CAD 0.125 until January 18, 2015. The hold period for the securities will expire on May 19, 2013. The transaction saw participation from the insiders of the company for 369,000 units for gross proceeds of CAD 46,125. The currency conversion was made through www.oanda.com on January 31, 2013.