Montello Resources Ltd. has announced that Mr. Peter C. Brown of Calgary, Alberta has agreed to act as Consulting VP of Exploration and to join Montello's Board of Directors subject to regulatory approval. The Company is additionally pleased to announce that Mr. Charles M. Baumgart also of Calgary, Alberta, has agreed to act as Consulting VP of Infrastructure and Business Development.
Montello's President and CEO, Bill Cawker stated, "A main focus in 2008 is to strengthen technical expertise within the Company. We feel that these appointments are timely and necessary development with which to lay a strong foundation going forward."
On December 31st, 2007, Montello closed a 2007 first tranche of Flow Through Financing to accredited investors as per a CDN $3.51 million non-brokered Flow Through Private Placement Unit Financing announced on December 17, 2007, which consists of 1,800,000 Units priced at CDN $1.95 per Unit. (Each Unit is comprised of 10 Flow Through Common Shares and 5 Non-Flow Through Common Shares, all priced at $0.13, which totals $1.95 per unit.)
Proceeds received by December 31, 2007 from the flow-through portion of the Private Placements were used by Montello to incur qualifying expenditures, which will be renounced in favour of purchasers for the 2007 taxation year. Flow through proceeds in 2008 will be used by Montello to advance exploratory activities on joint venture properties, including Pincher Creek, Sarcee, Grouard, and Mulligan, while non flow through proceeds will be used in Morgan County, as well as to explore lands that Montello may acquire or farm-in to, besides for general working capital purposes. A Finder's fees of 7% in cash and 7% in Warrants will be payable on certain portions of the Private Placements. The Private Placement is subject to the approval of the TSX Venture Exchange.
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