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| | Tue Nov 14, 2006
Montello Resources (TSXv: MEO) Private Placement Increased and Completed.
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| | Further to the News Release dated November 9, 2006, Montello Resources has increased its non-brokered private placement financing from $695,000 to $1,250,000 and it is now completed.
The units are priced at 10 cents and consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase a further common share of the Company at a price of $0.13 per share for a period of 2 years. There is a 4 month hold applicable for the shares and the financing is subject to final regulatory approval. Finder's fees will be payable on the placement at 6% in accordance to the policies of the TSX Venture Exchange.
The proceeds of the private placement will be used for general working capital purposes and for further potential oil and natural gas mineral lease acquisitions.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill Cawker CEO - Chairman
Dwayne Tyrkalo, President - COO
Visit the Montello Resources website at www.montello.com and speak to Larry Myles at (604) 408-7600 from 7:30 am - 3:30 pm PST lmyles@montello.com and/or Bill Cawker at
(604) 921-1202 from 8:00 am - 11am PST bcawker@montello.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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