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Yahoo
3 minutes ago
- Yahoo
Montero Announces Completion of Return of Capital and Comments on Share Price Volatility
TORONTO, July 04, 2025 (GLOBE NEWSWIRE) -- Montero Mining and Exploration Ltd. (TSX-V: MON) (OTCPK: MXTRF) ('Montero' or the 'Company') is pleased to announce that it has completed its previously announced return of capital to its shareholders (the 'Shareholders'). The return of capital was completed through a cash distribution totalling C$15,036,892.50, paid out pro rata to Shareholders by reducing the Company's stated capital (the 'Distribution'). The Company confirms that, aside from the Distribution, there have been no other material developments concerning the Company. The Company believes recent share price volatility is linked to the completion of the Distribution. The funds for this Distribution were derived from a portion of the net proceeds Montero received from its US$27 million settlement with the United Republic of Tanzania, which resolved the dispute related to the expropriation of the Wigu Hill rare earth project. More information on the Distribution may be found in the Company's press release dated June 11, 2025 and Montero's Management Information Circular dated May 7, 2025, this is also available on SEDAR+ at as well as Montero's website The Company wishes to remind registered Shareholders that, following the consolidation of its common shares effective May 5, 2025, each registered shareholder received a letter of transmittal from the Company's transfer agent, Odyssey Trust Company. This letter provides detailed instructions regarding the process for exchanging share certificates representing pre-consolidation common shares for new share certificates or Direct Registration Advice (DRS) evidencing their entitlement to post-consolidation common shares resulting from the consolidation. Registered shareholders must complete the letter of transmittal in order to receive the Distribution. The letter of transmittal is available on the Company's SEDAR+ profile at About Montero Montero Mining and Exploration Ltd. is a Canadian exploration company with a focus on mineral development in emerging markets. The Company recently concluded a US$27 million settlement with the Government of Tanzania, bringing closure to the dispute over the expropriated Wigu Hill rare earth project. Montero holds the Avispa copper-molybdenum project in northern Chile and is currently advancing the project through exploration. The Company's board and management have a strong track record in discovering and developing precious metal and base metal projects. Montero is listed on the TSX Venture Exchange under the symbol MON and has 8,353,833 Common Shares and 741,667 stock options outstanding. Montero Mining and Exploration Ltd. Dr. Tony Harwood, President, and Chief Executive OfficerE-mail: ir@ Tel: +1 604 428 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information in this press release includes statements with respect to the Distribution, including the timing and amount thereof. Such information is based on information currently available to Montero and Montero provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Montero to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, the Corporation's deployment of capital, business prospects, strategies, regulatory developments, future commodity prices, exchange rates, satisfactory arrangements for the payment of legal expenses, the ability of the Company to find suitable exploration projects, results of exploration, project development, reclamation and capital costs of Montero's mineral properties, and financial condition and prospects, all of which could differ materially from those currently anticipated in such statements for many reasons such as: the inability to complete the Distribution on the terms currently contemplated, or at all; the decision of the Board to re-allocate part or all of the Distribution funds changes, in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Montero's activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Montero's forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Montero does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Observer
4 minutes ago
- Observer
Indonesian rescuers widen search for missing after ferry sinks
GILIMANUK: Hundreds of Indonesian rescuers widened their search for dozens of missing people on Friday after a ferry sank in rough seas on the way to the resort island of Bali, with six bodies recovered. The ferry carrying at least 65 people, including passengers and crew, was making a five-kilometre crossing from eastern Java island to Bali when it tilted and sank in bad weather late Wednesday, witnesses and officials said. As of Friday evening, 29 people were still missing, national search and rescue operations official Ribut Eko Suyatno told reporters, confirming the death toll remained at six. He said rescuers confirmed a discrepancy in earlier figures where two survivors were considered to be one person due to similar names on the ferry's manifest. "30 people are safe... 29 people are currently being searched for," Ribut said, lowering the number of missing by one. Rescuers said one of the six found dead was a three-year-old boy. Tearful survivors described their horror when the ship went down, including one man who lost his wife. "I was joking around with my wife. And then... the ferry tilted. The accident was very fast," Febriani, who like many Indonesians has one name, said late on Thursday. "I resigned my fate... and asked God to save my wife. It turned out... my wife died but I survived," said the 27-year-old, welling up with tears. "I jumped with my wife. I managed to get back up but my wife slipped away". Members of a marine police unit are seen during the search for missing victims, Bali. — AFP Rescuers carried out searches by sea and air on Friday, expanding their efforts along the coastlines of eastern Java and Bali, Ribut told reporters earlier on Friday. "The land search rescue unit... we ask to comb through the Ketapang beach from north to south. Also likewise for Gilimanuk," he said. The ferry passage from Java's Ketapang port to Gilimanuk port on Bali — one of the busiest crossings in the country — takes around one hour and is often used by people travelling between the islands with a car. Local rescue officials said the KMP Tunu Pratama Jaya vessel sank 25 minutes into its journey. At least 306 rescuers were deployed on Friday for the search effort, the Java-based Surabaya search and rescue agency said. The search for those missing will be suspended on Friday evening and resume on Saturday, a Surabaya rescue officer said. The search was temporarily halted overnight on Thursday and resumed around 8:00 am (00:00 GMT) on Friday in Bali. Rescuers had deployed inflatable boats, larger rescue vessels and a helicopter to aid the search on Thursday, made up of dozens of personnel, including navy and police officers. At least four survivors were found early on Thursday after saving themselves by climbing into the ferry's lifeboat. Initial search efforts were hampered by bad weather, with waves as high as 2.5 metres and strong winds. The ferry's manifest showed 53 passengers and 12 crew members but it is common in Indonesia for the actual number of passengers on a boat to differ from that document. Marine accidents are a regular occurrence in Indonesia, a Southeast Asian archipelago nation of around 17,000 islands, in part due to lax safety standards and sometimes due to bad weather. In March, a boat carrying 16 people capsized in rough waters off Bali, killing an Australian woman and injuring at least one other person. In 2018, more than 150 people drowned when a ferry sank in one of the world's deepest lakes on Sumatra island. — AFP
Observer
4 minutes ago
- Observer
New wildfire near Athens, Crete blaze 'retreating': firefighters
ATHENS: A wildfire on the island of Crete that forced the evacuation of 5,000 tourists and locals is "retreating", Greek firefighters said on Friday, but a new blaze fanned by strong winds is spreading east of the capital, Athens. Hot dry weather in Greece has heightened the risk of summer wildfires and scientists say human-driven climate change is making them more frequent and more intense. The new wildfire broke out at Koropi, a town some 30 kilometres (20 miles) east of Athens, where residents received text messages from civil protection units urging them to evacuate the vicinity. That fire "has reached the courtyards of the houses", Koropi mayor Dimitris Kiousis said. "The fire is ongoing. All residents (in threatened areas) have been evacuated," Thodoris Grivas, deputy mayor of Koropi, said. "We do not yet know the extent of the disaster," Grivas added. Early on Friday afternoon, at least two water bombers and two helicopters were battling flames fanned by strong winds blowing across Attica, the Athens region and the capital itself. The fire was destroying olive trees and brushwood, ERT images showed. Firefighters earlier managed to bring under control a separate fire which had on Thursday threatened the port of Rafina, around 20 kilometres northeast of Koropi, after some 300 local people were evacuated from their homes. Fire crews remained on alert, as the Rafina wildfire was not far from Athens International Airport and winds still posed a threat. The blaze destroyed a several houses and vehicles, local mayor Dimitris Markou said. It also disrupted ferries to and from tourist islands in the western Aegean, including Mykonos. On the island of Crete, around 230 firefighters, 48 fire engines and six helicopters remained at the scene near the resort town of Ierapetra, even though the blaze was receding. Some 3,000 visitors had been forced to leave their hotels and guest houses on Wednesday evening and 2,000 local residents were also evacuated, authorities said. "The fire is retreating," fire department spokesman Vassilios Vathrakoyannis said. "There are still fears of flare-ups but there is no longer a major front," he added. Scattered hot spots still remained and firefighters were dealing with several smoke-filled areas from which flare-ups had restarted, the fire department said. Weakening winds in the hard-to-reach area had improved the situation, firefighters said, although a fire brigade spokesperson had warned overnight of some "difficult" days ahead. Greece had until now been generally spared the heatwave roasting parts of Europe, particularly Spain, Portugal and France over recent days. — AFP
