09:47:53 EDT Tue 14 Jul 2020
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International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 38,207,105
Close 2019-10-18 C$ 0.05
Recent Sedar Documents

Int'l Montoro to seek OK for warrant exercise program

2019-10-18 20:57 ET - News Release

Mr. Gary Musil reports

MONTORO OFFERS WARRANT EXERCISE INCENTIVE

International Montoro Resources Inc. intends to apply for approval of a warrant exercise incentive program with the TSX Venture Exchange.

As announced in the news release dated Nov. 14, 2017, the company completed private placement offerings of 2,155,000 flow-through units at 5.5 cents and 3.9 million non-flow-through units at five cents. Each unit comprised one common share and one share purchase warrant for two years at 10 cents from the date of issuance. The placement warrants were repriced on Oct. 18, 2018, from 10 cents to 6.5 cents and six cents, respectively, expiring Dec. 27, 2019, and Jan. 5, 2020.

The company has 2,155,000 placement warrants expiring at 6.5 cents on Dec. 27, 2019, and 2.4 million warrants expiring at six cents on Jan. 5, 2020, that are available to be exercised during the incentive period.

Under the proposed incentive program, if the placement free-trading warrants are exercised prior to 4 p.m. Vancouver time on Dec. 15, 2019, the placement warrantholder will receive one additional warrant in consideration of the early exercise of each placement warrant. Each incentive warrant will be exercisable to acquire one common share of the company at a price of 7.5 cents per share for a period of one year from the date of issuance. The company believes this will give existing placement warrantholders the right incentive to exercise their placement warrants. The incentive warrants and any shares issued upon the exercise of the incentive warrants will be subject to a hold period expiring four months plus one day after the date of distribution of the incentive warrant.

In the event a placement warrantholder determines not to participate in the incentive program, then following the expiry of the incentive period, the placement warrantholder may exercise the placement warrants on their original terms or allow them to expire unexercised.

No directors or officers of the company own or control any of the original placement warrants. The company is not aware of any potential new insider position that would be created upon the exercise of the placement warrants nor incentive warrants.

There are no guarantees of exchange approval, and the company will provide investors an update once it receives a decision from the exchange.

Further details on the manner by which placement warrantholders may exercise their placement warrants under the incentive program will be provided once exchange approval is granted.

The company intends to use the proceeds from the financing for working capital and exploration on properties.

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 of 2,138 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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