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International Montoro Resources Inc (2)
Symbol C : IMT
Shares Issued 25,097,105
Close 2018-08-09 C$ 0.055
Recent Sedar Documents

Int'l Montoro arranges $200,000 private placement

2018-08-09 23:56 ET - News Release

Mr. Gary Musil reports

MONTORO ARRANGES $200,000 FINANCING & SHARES FOR DEBT

International Montoro Resources Inc. intends to raise gross proceeds of up to $200,000 by way of a non-brokered private placement through the sale of up to four million units at a price of five cents per unit. Each unit will consist of one common share of the company and one transferable share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional share of the company at a price of six cents in the first year from closing and eight cents in the second year.

In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the private placement is being completed in accordance with the exemption set out in British Columbia Instrument 45-536 (exemption from prospectus requirement for certain distributions through an investment dealer). The company also confirms there is no material fact or material change related to the company which has not been generally disclosed.

The company may pay commissions of 8 per cent to eligible parties in connection with this financing, payable in cash and/or in warrants. The common shares and warrants are subject to a statutory hold period and the financing is subject to exchange acceptance.

The company intends to use the net proceeds from the private placement for continued exploration on the Serpent River, Ont., property, in particular the Pecors Ni-Cu-PGE (nickel-copper-platinum-group-element) discovery, and the Duhamel, Que., Ni-Co-Cu (nickel-cobalt-copper) property ($60,000) and general working capital ($140,000). The working capital use of proceeds comprises the following (maximum/minimum for the next six months of estimated operating expenditures): consulting fees -- $3,000/$1,500; legal and audit -- $15,000/$7,500; rent, office and miscellaneous -- $18,000/$10,000; regulatory fees -- $5,000/$2,500; salaries and administration -- $20,000/$10,000; transfer agent fees -- $6,000/$4,000; and travel and promotion -- $7,000/$3,500. Additional funds will be allocated to payment of current liabilities, loans and loan interest (approximately $36,000), and $30,000 is unallocated.

Shares for debt

The company has also arranged to complete a shares-for-debt transaction for the balance of a 2014 loan and interest in the amount of $50,000. The company will issue one million shares at a price of five cents per share to settle this debt. The shares-for-debt transaction is also subject to a statutory hold period and is subject to exchange acceptance.

About International Montoro Resources Inc.

International Montoro is focused on advancing its 100-per-cent-owned Serpent River-Elliot Lake, Northern Ontario, Pecors magnetic anomaly -- a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located uranium/REE (rare earth element) mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units) or approximately 1,840 hectares.

In addition, the company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 hectares, 2,427 acres) and Orbit (11,109 hectares, 27,450 acres) uranium properties in the Uranium City district, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.

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