International Montoro Resources Closes Oversubscribed Private Placement of $102,500
TSX VENTURE: IMT
VANCOUVER, BC / ACCESSWIRE / April 4, 2019 / International Montoro Resources Inc. (TSX-V: IMT) (the "Company").
Non flow-through Private Placement Closed for $102,500:
International Montoro Resources Inc. reports: Further to our news release of March 22, 2019 the Company has completed 2,050,000 units at a price of $0.05 per unit for gross proceeds of $102,500. Each unit comprises one common share in the capital of the Company and one transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share in the capital of the Company for a period of 24 months from the closing date at an exercise price of $0.10.
The Company has agreed to pay a finder's fee to PI Financial Corp. of 8% cash -$4,000 and broker's warrants (same terms as warrants abovementioned) of 80,000 warrants. Total pro group involvement was 250,000 units (one placee).
All securities will be subject to a hold period until August 5, 2019. Closing of the private placement is subject to TSX Venture Exchange (the "Exchange") approval.
The Company intends to use the proceeds from the private placement for property payments, exploration on current acquisitions as well as previously held properties, and working capital.
Flow-through Private Placement not proceeding:
Further to our news release of February 6, 2019 and Conditional Acceptance from the Exchange dated February 15, 2019; the Company will not be proceeding at this time with the 2.7 million unit flow-through private placement at $0.075 per unit.
About International Montoro Resources Inc.
(i) In February 2019 Montoro entered into acquisition agreements with various vendors, to acquire claims in the Cariboo Mining Division, British Columbia, with one claim block adjoining the well-known Wicheeda REE project.
(ii) Montoro will continue to focus on advancing its 100%-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 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 ha.
(iii) In February 2018 Montoro received approval for the acquisition of the Duhamel, Quebec property. The Ni-Cu-Co prospect consisted of nine (9) mineral claims comprising 500 ha. Additional staking of thirty-two (32) adjoining mineral claims and compiling of data has been underway since February; and the expanded property now totals approximately 2,300 ha and prospective for Titanium, Vanadium, and Chromium.
(iv) In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 acres) Uranium properties in the Uranium City District, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.
ON BEHALF OF THE BOARD
President/CEO and Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.