The TSX Venture Exchange has accepted for filing a mineral property acquisition agreement dated Oct. 13, 2020, between International Montoro Resources Inc., Shane Stares, Robert Stares, Alexander Stares, Stephen Stares and Michael Stares. Pursuant to the agreement, the company may acquire a 100-per-cent interest in and to 1,325 hectares of land, known as the Victoria Lake project, located in south-central Newfoundland. Consideration is $10,000 cash, 350,000 common shares and 350,000 warrants, each exercisable into one common share at a price of 12 cents for a period of two years. The vendors will retain a 2-per-cent net smelter return (NSR) royalty, of which the company may repurchase one-half or 1 per cent for $1-million.
For more information, refer to the company's news release dated Oct. 14, 2020.
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