Montoro Resources Financing up to $200,000 to Continue Exploration
TSX VENTURE: IMT
VANCOUVER, BC / ACCESSWIRE / June 11, 2019 / International Montoro Resources Inc. (TSX-V: IMT) (the "Company").
Private Placement Financings:
Montoro intends to complete a non-brokered private placement (the "Financing") up to 4,000,000 non flow-through common share Units ("NFTS") at a price of $0.05 per NFTS to raise gross proceeds of up to $200,000. Each NFTS Unit will consist of one common share of the Company and one two year transferable share purchase warrant (a "Warrant") permitting the holder to acquire one additional share of the Company at $0.08.
In addition to relying upon other available prospectus exemptions to effect the Financing, a portion of the private placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer), (the "Investment Dealer Exemption"). 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% to eligible parties in connection with this financing, payable either in cash and/or in warrants. The Common Shares and Warrants are subject to a statutory hold period and the Financing is subject to TSX Venture Exchange ("TSXV") approval.
The Company intends to use the proceeds from the Financing for exploration on current acquisitions as well as previously held properties, and working capital.
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, and following Exchange approval on the Wicheeda North claims (1,444 ha.), the Company has increased the claim block by a further (563 ha) for a total 2007 ha. The claim block adjoins the well-known Wicheeda REE discovery on the north and northwest.
(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.