Montego Resources Inc. (CSE: MY) announces that it has closed its previously announced non-brokered private placement news release dated, November 23, 2017 consisting of 12,907,772 units at a price of $0.25 per unit for gross proceeds of $3,226,943. Each unit comprises of one common share and one common share purchase warrant of the issuer. Each full common share purchase warrant will be exercisable into a common share of the company at a price of $0.50 expiring 12 months from the date of close of the Private Placement.
In connection with the private placement, the Company has paid finders’ fees in the amount of 7 per cent of gross proceeds raised and common share purchase warrants entitling the finders to purchase common shares of the Company up to 7 per cent of the number of units sold in the private placement, having the same terms as the warrants.
The proceeds of this private placement are for the Company’s general working capital and exploration funds on the Taylor property.
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