22:05:09 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
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International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 15,252,105
Close 2017-10-10 C$ 0.06
Market Cap C$ 915,126
Recent Sedar Documents

Int'l Montoro closes first tranche of financing

2017-10-10 17:45 ET - News Release

Mr. Gary Musil reports

MONTORO CLOSING 1ST TRANCHE OF PRIVATE PLACEMENT -$132,500

Further to its news release of Sept. 20, 2017, International Montoro Resources Inc. has received conditional approval to complete the private placement as announced and will now close a first tranche of 2.65 million units at a price of five cents per unit for $132,500. Each unit will consist of one common share of the company and one transferable share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional share of the company at a price of 10 cents for a period of two years following the closing. The securities to be issued will be subject to a four-month-plus-one-day hold period from issuance.

The company will be paying a finder's fee of 8 per cent in cash totalling $3,200 and 78,000 broker's warrants to Haywood Securities Inc. and 14,000 broker's warrants to Mackie Research Capital Corp.

The issuance of the securities and the finders' fees is subject to final acceptance of the TSX Venture Exchange.

In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the private placement is being 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 intends to use the net proceeds from the private placement for continued exploration on the Serpent River property, in particular the Pecors nickel-copper-platinum-group-element (Ni-Cu-PGE) discovery, and general working capital. The company is preparing to complete a helicopter-borne ZTEM geophysical survey of approximately 310 line kilometres at 200 metres of line spacing increasing further information to depth over 2,000 metres, which will assist in better targeting the next phase of diamond drilling.

The working capital use of proceeds comprises the following (maximum/minimum for the next six months of estimated operating expenditures): consulting fees, $6,000/$3,000; legal and audit, $10,000/$6,000; rent, office and miscellaneous, $18,000/$15,000; regulatory fees, $5,000/$2,500; salaries and administrative, $30,000/$15,000; transfer agent fees, $6,000/$4,000; and travel and promotion, $7,000/$3,500. Additional funds will be allocated to payment of current liabilities (approximately $80,000); unallocated, $40,000.

About International Montoro Resources Inc.

International Montoro is focused on advancing its 100-per-cent-owned Pecors magnetic anomaly at Serpent River-Elliot Lake in Northern Ontario, a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located uranium/rare earth element 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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