09:04:18 EDT Tue 14 Jul 2020
Enter Symbol
or Name
USA
CA



International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 45,927,105
Close 2020-04-09 C$ 0.015
Recent Sedar Documents

Int'l Montoro to close $56,525 tranche of financing

2020-04-09 12:35 ET - News Release

Mr. Gary Musil reports

INTERNATIONAL MONTORO RESOURCES INC. CLOSES FINAL TRANCHE OF THE PRIVATE PLACEMENT - $56,525

Further to its news releases dated Jan. 9, 2020, Feb. 5, 2020, and March 13, 2020, International Montoro Resources Inc. will close its final tranche of its private placement and issue 1,615,000 units at a price of 3.5 cents for gross proceeds of $56,525. Each unit will comprise 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.

The pricing of the private placement was made in reliance on 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-V before the issuance of the initial press release.

The company will use $30,000 of the proceeds for continued exploration on existing properties, $20,000 in property payments and $6,525 for working capital. While the company intends to use the proceeds as stated, there may be circumstances where, for sound business reasons, finances may be reallocated at the discretion of the board.

Insiders of the company participated in this private placement offering (first tranche as to 300,000 units and second tranche as to 150,000 units) constituting a related party transaction pursuant to TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(l)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction, insofar as the transaction involved interested parties, did not exceed 25 per cent of the company's market capitalization.

All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four months and one day from issuance. The closing of the private placement and the issuance of the securities are subject to final TSX-V approval.

About International Montoro Resources Inc.

International Montoro is a Canadian-based emerging resource company.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.