Mr. Gary Musil reports
INTERNATIONAL MONTORO RESOURCES INC. CLOSES FIRST TRANCHE OF THE PRIVATE PLACEMENT - $191,275
Further to the news release dated Jan. 9, 2020, International Montoro Resources Inc. will close its first tranche of its private placement and issue 5,465,000 units at a price of 3.5 cents for gross proceeds of $191,275. Each unit will be composed of one common share in the capital of the company and one 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.
A finder's fee of $2,800 cash and 80,000 warrants will be paid and issued.
The use of proceeds will be for continued exploration on existing properties: $50,000; incurred exploration expenses payable: $35,000; regulatory fees: $2,000; office rent and communication expenses: $5,000; transfer agent fees: $1,000; legal and accounting: $8,000; partial loan and interest repayment: $15,000; investor and shareholder relations, including travel and advertising: $10,000; management fees: $10,000; and outstanding payables and unallocated working capital: $55,275. While the company intends to use the proceeds as stated herein, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.
All securities will be subject to a four-month hold period from the closing date. Closing of the private placement is subject to final TSX Venture Exchange approval.
About International Montoro Resources Inc.
International Montoro Resources has been listed on the TSX Venture Exchange for over 25 years and is a Canadian-based emerging resource company. The company is systematically exploring its extensive property positions in:
- Red Lake, Ont. (Camping Lake: gold prospect);
- Elliot Lake, Ont. (Serpent River/Pecors: nickel-copper-platinum-group-element discovery and uranium and rare earth elements);
- Quebec (Duhamel: nickel-copper-cobalt prospect and titanium, vanadium and chromium prospect);
- Prince George, B.C. (Wicheeda North: rare earth element prospect).
We seek Safe Harbor.
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