Mr. Gary Musil reports
MONTORO RECEIVES CONDITIONAL APPROVAL OF WARRANT EXERCISE INCENTIVE PROGRAM
Further to the press release dated Oct. 18, 2019, International Montoro Resources Inc. has received conditional approval for the warrant exercise incentive program.
The company has 2,155,000 warrants expiring on Dec. 27, 2019, at the exercise price of 6.5 cents and 2.4 million warrants expiring on Jan. 5, 2020, at the exercise price of six cents.
Under the proposed incentive program, if the warrants are exercised prior to 4 p.m. Vancouver time on Nov. 18, 2019 (revised date), the warrantholder will receive one additional warrant in consideration of the early exercise of each warrant. Each 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 warrantholders the right incentive to exercise their 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.
In the event a warrantholder determines not to participate in the incentive program, then following the expiry of the incentive period, the warrantholder may exercise the warrants on their original terms or allow them to expire unexercised.
The company will send notice to each warrantholder, through Canada Post. Warrantholders are also encouraged to contact the company directly by telephone at 604-683-6648 or e-mail firstname.lastname@example.org.
The company intends to use the proceeds from the financing for working capital and exploration on properties. While the company intends to spend the net proceeds from exercise of warrants as stated herein, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.
About International Montoro Resources Inc.
In October, 2019 Montoro entered into an acquisition agreement with Falcon Gold Corp. to acquire five prospective gold claims comprising approximately 2,250 hectares in the Red Lake mining district in Northwestern Ontario.
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.
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