Dr. Tony Harwood's Montero Mining and Exploration Ltd. (MON), down one-half cent to 9.5 cents on 401,000 shares, hopes to sell eight million share at 12.5 cents.

Dr. Harwood obliquely says the $1-million would go for "exploration and general working capital purposes," which leaves the door open for most anything.

The company's top prospect is the Wigu Hill rare earth play in Tanzania, which is at the stage where plenty of cash is needed to expand a modest but high-grade resource.

Dr. Harwood has said nothing further about the "strategic investor" he had signed over a month ago to a fudge-laden, indicative, non-binding, no-terms, term sheet that would have the unnamed investor make an equity investment in either the company or the project.

So far, neither has happened. Dr. Harwood has also delayed a Wigu Hill dream sheet pending a resource update, which suggests the numbers were not to his liking.