Mr. Gary Musil reports
MONTORO COMPLETES A FURTHER 2.0 MILLION UNIT FINANCING -- $100,000
International Montoro Resources Inc. intends to complete a further non-brokered private placement for up to two million non-flow-through (NFT) common share units at a price of five cents per NFT unit to raise gross proceeds of up to $100,000. Each NFT unit will consist of one common share of the company and one two-year transferable share purchase warrant, permitting the holder to acquire one additional share of the company at 10 cents.
In addition to relying upon other available prospectus exemptions to effect the financing, a portion of the private placement may be completed in accordance with the exemption set out in British Columbia Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer). The company also confirms there is no material fact or material change related to the company which has not been generally disclosed.
The company may pay commissions of 8 per cent to eligible parties in connection with this financing, payable either in cash and/or in warrants. The common shares and warrants are subject to a statutory hold period and the financing is subject to TSX Venture Exchange approval.
The company intends to use the proceeds from the private placement for property payments, exploration on current acquisitions as well as previously held properties, and working capital.
About International Montoro Resources Inc.
In February, 2019, International Montoro entered into acquisition agreements with various vendors to acquire claims in the Cariboo mining division in British Columbia, with one claim block adjoining the Wicheeda REE (rare earth element) project.
International Montoro will continue to focus on advancing its 100-per-cent-owned Serpent River-Elliot Lake, Northern Ontario, Pecors magnetic anomaly, a potential Ni-Cu-PGE (nickel-copper-platinum-group-element) discovery. The southwestern portion of the property has located uranium/REE mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units) or approximately 1,840 hectares.
We seek Safe Harbor.
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