Mr. Gary Musil reports
MONTORO CLOSES $197,050 OVERSUBSCRIBED FINANCING
Further to International Montoro Resources Inc.'s news releases dated June 19 and 29, 2020, the company has closed the private placement and issued 5.63 million units at a price of 3.5 cents for gross proceeds of $197,050. 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 use of proceeds will be for continued exploration on existing properties, outstanding payables including repayment of loans and loan interest, management fees ($25,000), 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.
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(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 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 (Nov. 9, 2020) from issuance. The closing of the private placement financing, including the issuance of the securities, has received TSX Venture Exchange acceptance.
About International Montoro Resources Inc.
International Montoro is a Canadian-based emerging resource company.
We seek Safe Harbor.
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