Mr. Gary Musil reports
MONTORO FINANCING UP TO $200,000 TO CONTINUE EXPLORATION
International Montoro Resources Inc. has provided an update.
Private placement financings
Montoro intends to complete a non-brokered private placement up to four million non-flow-through common share units at a price of five cents per non-flow-through share to raise gross proceeds of up to $200,000. Each non-flow-through share 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 eight 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 B.C. 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 financing for exploration on current acquisitions as well as previously held properties, and working capital.
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, and is proceeding to exchange approval on the Wicheeda North claims (1,444 hectares) adjoining the well-known Wicheeda REE discovery. 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. 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. In February, 2018, Montoro received approval for the acquisition of the Duhamel, Que., property.
We seek Safe Harbor.
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