11:07 AM EST, 01/28/2025 (MT Newswires) -- Montero Mining and Exploration ( MXTRF ) on Monday said it finalized the distribution of the US$27 million settlement with its litigation funders, Omni Bridgeway (Canada).

The settlement amount was agreed with Tanzania over the expropriation of Montero's Wigu Hill rare earth element project.

The company said it has already paid Omni US$12 million, with another US$8 million payment due at month's end and US$7 million paid on Feb.28.

Montero said that after paying the funder and legal costs it will receive C$20.6 million.

The company's shares were last seen up $0.015 to $0.32 on the TSX Venture Exchange.

Price: 0.32, Change: +0.02, Percent Change: +4.92