09:08:35 EDT Tue 14 Jul 2020
Enter Symbol
or Name

International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 38,382,105
Close 2020-01-09 C$ 0.035
Recent Sedar Documents

Int'l Montoro arranges $350,000 private placement

2020-01-09 20:38 ET - News Release

Mr. Gary Musil reports


As a result of current market conditions, International Montoro Resources Inc. is making an application to the TSX Venture Exchange for a waiver to a private placement price as the proposed subscription price is below the minimum allowed, pursuant to exchange policies.

The company proposes to proceed with a non-brokered private placement of up to $350,000 with 10.0 million units to be issued at 3.5 cents. Each unit will comprise one common share 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 five cents for two years from closing.

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 in cash and/or in warrants.

The company intends to use the net proceeds from the financing for continued exploration on its existing properties (Serpent River-Pecors, Wicheeda North and Duhamel) and the newly optioned Camping Lake, Red Lake, Ont., prospect. This will account for approximately $250,000.

The balance of $100,000 will maintain existing operation expenses as follows: regulatory fees: $5,000; office rent and communication expenses: $5,000; transfer agent fees: $2,000; legal and accounting: $15,000; partial loan and interest repayment: $15,000; investor and shareholder relations, including travel and advertising: $15,000; management fees: $10,000; and outstanding payables and unallocated working capital: $33,000.

While the company intends to spend the net proceeds from the financing as stated herein, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.

The closing of the private placement financing, including the issuance of the securities and the finders' fees, is subject to exchange approval.

About International Montoro Resources Inc.

International Montoro, listed on the TSX Venture Exchange for over 25 years, is a Canadian-based emerging resource company. The company is systematically exploring its extensive property positions in:

  • Red Lake, Ont. (Camping Lake: gold potential acquisition);
  • Elliot Lake, Ont. (Serpent River/Pecors: nickel-copper-platinum-group-element discovery) and (uranium: rare earth elements);
  • Quebec (Duhamel: nickel-copper-cobalt prospect and titanium, vanadium and chromium potential);
  • Prince George, B.C. (Wicheeda North: rare earth element prospect);
  • Uranium City, Sask. (Crackingstone: 50-per-cent interest in uranium discovery).

We seek Safe Harbor.

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