Mr. Gary Musil reports
MONTORO CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT OF $102,500
Further to the news release of March 22, 2019, International Montoro Resources Inc. has completed 2.05 million units at a price of five cents per unit for gross proceeds of $102,500. Each unit comprises one common share in the capital of the company and one transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share in the capital of the company for a period of 24 months from the closing date at an exercise price of 10 cents.
The company has agreed to pay a finder's fee to PI Financial Corp. of 8 per cent in cash, being $4,000, and broker warrants (same terms as warrants mentioned herein) of 80,000 warrants. Total pro group involvement was 250,000 units (one placee).
All securities will be subject to a hold period until Aug. 5, 2019. Closing of the private placement is subject to TSX Venture Exchange approval.
The company intends to use the proceeds from the private placement for property payments and exploration on current acquisitions, as well as previously held properties and working capital.
Flow-through private placement not proceeding
Further to the news release of Feb. 6, 2019, and conditional acceptance from the exchange dated Feb. 15, 2019, the company will not be proceeding at this time with the 2.7-million-unit flow-through private placement at 7.5 cents per unit.
About International Montoro Resources Inc.:
- In February, 2019 Montoro entered into acquisition agreements with various vendors, to acquire claims in the Cariboo mining division, British Columbia, with one claim block adjoining the Wicheeda REE (rare earth element) project.
- Montoro will continue to focus on advancing its 100-per-cent-owned Serpent River-Elliot Lake, Northern Ontario, Pecors magnetic anomaly -- a potential nickel-copper-platinum-group-element discovery.
- In February, 2018, Montoro received approval for the acquisition of the Duhamel, Que., property.
- In addition, the company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 hectares or 2,427 acres) uranium properties in the Uranium City district, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.
We seek Safe Harbor.
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