The TSX Venture Exchange has accepted for filing the Blackfly gold property option agreement dated Aug. 21, 2020, between International Montoro Resources Inc., Donald Devereaux, Karl Bjorkman and Kenneth Fenwick (the vendors), whereby the company has acquired a 100-per-cent interest in and to 64 unpatented mining claims located in the Blackfly gold property, located near Atikokan, Ont. Consideration, staged over a four-year period, is $65,000 cash, 500,000 common shares, 500,000 common share purchase warrants, each exercisable into one common share for a two-year period at a price of 12 cents per share, and $153,600 of work expenditures. The vendors retain a 2-per-cent net smelter return royalty, of which the company may repurchase one-half, or 1 per cent, for $1.2-million cash. An advance royalty of $10,000 cash is due annually from Aug. 4, 2024, until Aug. 4, 2027.
For more information, please refer to the company's news release dated Sept. 10, 2020.
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