Montello Provides Update on Tennessee and Announces Small Financing
21 11월 2008 - 12:25PM
Marketwired
Montello Resources Ltd. ("Montello") (TSX VENTURE: MEO) is pleased
to announce the commencement of operations for the
testing-completion of the John Bowen #2 deep gas zone. The rig
arrived on site November 18, 2008. Montello is also currently
involved in projects in Alberta.
Montello also wishes to announce a non-brokered flow through
private placement unit financing consisting of up to 1,550,000
units priced at $0.31 per unit. The unit is comprised of (4) four
non-flow through common shares, (6) six flow through common shares
for a total of 10 common shares as well as (10) ten common share
purchase warrants exercisable at (5) five cents each, with a one
year term.
The proceeds of up to $480,500 from the offering will be used to
develop Montello's oil and/or natural gas prospects in Morgan
County, Tennessee, and advance exploratory-completion activities on
our Alberta joint venture properties.
If all common share warrants are exercised it would provide the
Company with additional gross proceeds of $775,000.00. Sixty
percent of the proceeds received from the sale of the flow through
units will be used by Montello to incur qualifying Canadian
exploration expenses, which will be renounced in favour of
purchasers for the 2008 and/or 2009 taxation year depending on
closing.
The purchase price of the flow through units will be allocated
as to $0.03 per common share, and $0.001 per common share warrant.
The closing trading price on November 18, 19 and 20, 2008 was (3)
three cents per common share on the TSX Venture Exchange.
Finder's fees of up to 8% may be payable in certain
instances.
The foregoing is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
Montello Resources Ltd.
Peter C. Brown, President-CEO
About Montello Resources Ltd: Montello Resources Ltd. (TSX
VENTURE: MEO) is a Calgary based, publicly traded oil and gas
explorer listed on the TSX Venture Exchange in Canada with
operations focussed in Tennessee and in Alberta. Prospective and
current shareholders of the Company are invited to join the
company's official investment forum exclusively at
www.pinnacledigest.com. The forum allows for investor-controlled
discussion, questions, third party reports and articles, and
progressive feedback from other shareholders and investors. Please
go to www.sedar.com for a detailed list of all filings and news
releases. Also visit www.montello.com for ongoing updates &
have your name included on our mailing list. See
http/www.pinnacledigest.com/company/meo:ca.
Reader Advisory: This news release contains certain
forward-looking statements, including management's operations and
capital expenditures and the timing thereof, that involve
substantial known and unknown risks and uncertainties, certain of
which are beyond the Corporation's control. The Corporation's
actual results, performance or achievements could differ materially
from those expressed in, or implied. Investors are cautioned that
forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ
materially. There can be no assurances that future developments
affecting Montello will be those anticipated by management.
Furthermore any forward-looking statements contained in this news
release are made as at the date of this news release and the
Corporation does not undertake any obligation to update publicly or
to revise them whether as a result of new information, future
events or otherwise, except as may be required by applicable
securities laws. We Seek Safe Harbour.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Montello Resources Ltd. Larry Myles (604) 408-7600
Email: lmyles@montello.com Montello Resources Ltd. Bill Cawker
Chairman (604) 649-0080 Email: bcawker@montello.com Website:
www.montello.com
Montello Resources Ltd (Tier2) (TSXV:MEO)
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Montello Resources Ltd (Tier2) (TSXV:MEO)
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