Mr. Gary Musil reports
INT. MONTORO RESOURCES INC. -- PRIVATE PLACEMENT CLOSING EXTENSION
Further to the news releases dated Jan. 9, Feb. 6 and Feb. 21, 2020, as a result of difficult market conditions relating to COVID-19, the TSX Venture Exchange has granted International Montoro Resources Inc. a further three-week extension to close its previously announced private placement as to a second tranche. Closing is expected to be on or before April 6, 2020. The company is offering up to 10 million common share units at a price of 3.5 cents per unit to raise gross proceeds of up to $350,000. Each unit will consist of one common share and one warrant. Each full warrant shall entitle the holder to acquire one common share at a price of five cents for a period of 24 months. The company closed its first tranche as to 5,465,000 units for gross proceeds of $191,275 on Feb. 5, 2020.
The pricing of the private placement was made in reliance of the temporary relief measures established by the TSX Venture Exchange bulletin dated April 7, 2014. The price per common share was set at the last trading price on the TSX Venture Exchange before the issuance of the initial press release.
The company may pay commissions of 8 per cent to eligible parties in connection with this private placement, payable either in cash and/or in warrants in accordance with the policies of the TSX-V.
While the company intends to spend the net proceeds from the offering as stated in the Feb. 21, 2020, news release, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.
The securities issued under the private placement and the common shares that may be issuable on exercise of the warrants are subject to a statutory hold period expiring four months and one day from the date of closing. The closing of the second tranche is subject to the prior approval of the TSX Venture Exchange.
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 prospect);
- 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 prospect);
- Prince George, B.C. (Wicheeda North: rare earth element prospect).
We seek Safe Harbor.
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