06:36:33 EDT Sun 05 Jul 2020
Enter Symbol
or Name

International Montoro Resources Inc (2)
Symbol IMT
Shares Issued 47,542,105
Close 2020-06-29 C$ 0.055
Recent Sedar Documents

Int'l Montoro has $197,050 in placement subscriptions

2020-06-29 21:51 ET - News Release

Mr. Gary Musil reports


Further to the news release dated June 19, 2020, International Montoro Resources Inc. has received subscriptions in the amount of $197,050, oversubscribed for a total of 5.63 million units at a price of 3.5 cents, and will now proceed with obtaining TSX Venture Exchange approval to close. Each unit will be comprised 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 $0.05 for two years from closing.

The use of proceeds will be for continued exploration on existing properties, outstanding payables including repayment of loans and loan interest, a small portion of management fees $21,000, legal & accounting, regulatory fees, and general working capital purposes.

While the Company intends to use the proceeds as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.

Gary Musil, a director and officer of the Company and other insider's participated in this private placement offering (600,000 units) constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions {"Ml 61-101"). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% 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 Venture Exchange approval.

About International Montoro Resources Inc.

Int. Montoro Resources Inc. 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, Ontario ( Camping Lake - Au prospect)
  • Elliot Lake, Ontario (Serpent River/Pecors -Ni-Cu-PGE discovery) and (Uranium- REEs)
  • Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
  • Prince George, British Columbia (Wicheeda North - Rare Earth Elements prospect)

We seek Safe Harbor.

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