Mr. Gary Musil reports
INTERNATIONAL MONTORO RESOURCES INC. RECEIVES OVER-SUBSCRIBED SUBSCRIPTIONS FOR $197,000
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 proceed with obtaining TSX Venture Exchange approval to close. 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.
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 of $21,000, legal and accounting, regulatory fees, and general working capital purposes.
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.
Gary Musil, a director and officer of the company, and other insiders 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). The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(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 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 Venture 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.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.