Montero Agrees to Distribution of US$27 Million Settlement from Tanzania

Montero Mining and Exploration has finalised the distribution of the US$27 million settlement of its claim against the Government of Tanzania with its litigation funder, Omni Bridgeway. The first installment of US$12 million will be distributed between Montero and Omni Bridgeway, the second installment of US$8 million will be distributed to Montero and to pay all legal fees, while the third instalment of US$7 million will be distributed entirely to Montero. After paying funders and legal costs, the net amount due to Montero will be approximately CDN$20.6 million. Omni Bridgeway agreed to provide US$2.3 million in litigation funding in 2021.

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