CALGARY, March 3, 2017 /CNW/ - Montana Exploration
Corp. ("Montana Exploration" or the "Company") (TSXV:
MTZ) today announced that it intends to undertake a non-brokered
private placement offering of up to 1,289,603 common shares of the
Company (the "Common Shares") at a price of $0.195 per Common Share for gross proceeds of up
to $251,472.59 (the
"Offering").
A director of the Company who controls Vanco-Stock Ltd., a
majority shareholder of the Company, and a family member of the
director have given a written commitment to take up the entire
Offering. The Offering is being conducted at the same price as the
recent Rights Offering to enable the director to acquire common
shares for accounts controlled by the director and his family
member that did not participate in the Rights Issue for
administrative reasons.
The net proceeds received by the Company from the Offering will
be used for general and administrative expenses associated with its
ongoing drilling and completion operations in the State of Montana.
There will be no commission or finder's fee payable in
connection with the Offering.
The Common Shares issued pursuant to the Offering will be
subject to a four month hold period from the date of issuance. The
closing of the Offering is conditional upon approval of the TSX
Venture Exchange.
ABOUT MONTANA EXPLORATION CORP.
Montana Exploration Corp. is an oil and gas exploration and
production company focusing on the Shaunavon oil and Eagle gas opportunities
underlying its extensive land holdings and drilling rights in the
State of Montana. In the United States, the company operates
through its wholly-owned subsidiary, Montana Land & Exploration, Inc. The
Company's common shares are listed on the TSX Venture Exchange
under the trading symbol "MTZ". Additional information regarding
the company is available at www.SEDAR.com or at
www.MontanaExplorationCorp.com.
Forward-looking Statements
This press release contains statements that constitute
"forward-looking information" or "forward-looking" statements"
(collectively "forward-looking information") within the
meaning of applicable securities legislation. 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" or similar words suggesting
future outcomes or language suggesting an outlook.
This press release contains forward-looking information
including, but not limited to, statements with respect to the
Company's intention to complete the Offering and the use of
proceeds from the issuance of Common Shares. Material
assumptions and factors that could cause actual results to differ
materially from such forward-looking information include
management's ability to raise the expected proceeds of the Offering
and the Company's ability to obtain final approval of the Offering
from the TSX Venture Exchange. Although the Company believes that
the material assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, as it only
applies as of the date of this news release, and no assurance can
be given that such events will occur. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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.