Mr. Gary Musil reports
MONTORO SEEKS APPROVAL FOR 1ST TRANCHE OF FINANCING FOR $47,500
International Montoro Resources Inc. has provided an update on its private placement financing.
Further to the company's press release dated June 11, 2019, and receipt of conditional acceptance from the TSX Venture Exchange dated July 8, 2019, the company advises that it has filed with the exchange for approval to close the first tranche of the private placement for 950,000 units at a price of five cents per unit for gross proceeds of $47,500. Each unit consists of one common share of the company and one transferable share purchase warrant. Each whole warrant will permit the holder to acquire one additional common share of the company at a price of eight cents for two years from closing. The company will continue to receive subscriptions and anticipates closings a second tranche soon.
The issuance of the common shares and warrants is subject to TSX Venture approval, and the securities will be issued with a four-month-plus-one-day hold period. A finder's fee will be paid to Haywood Securities Inc. for $3,000 and 60,000 warrants.
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 following exchange approval on the Wicheeda North claims (1,444 hectares), the company has increased the claim blocks by a further (694 hectares) for a total 2138 hectares.
- 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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