01:08 PM EDT, 08/16/2024 (MT Newswires) -- Montero Mining and Exploration ( MXTRF ) on Friday said it closed the first tranche of its non-brokered private placement of shares, $0.66 million.

The company said it placed 2.44-million shares priced $0.27 each in the tranche.

"We are pleased to have completed the closing of the first tranche of Montero's private placement and are delighted in the lead subscription from Mr. Jeremy Raper," said chief executive Tony Harwood in a release.

Montero intends to use the net proceeds from the offering for general corporate and working capital purposes.

The company's shares were last seen down $0.015 to $0.29 on the TSX Venture Exchange.

Price: 0.29, Change: -0.02, Percent Change: -4.92