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VANCOUVER, BC / ACCESSWIRE / March 13, 2020 / International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), (the "Company"). Further to our news releases dated January 9th, February 6th, and February 21, 2020, as a result of difficult market conditions relating to COVID-19, the Company announces that the TSX Venture Exchange has granted the Company a further three week extension to close its previously announced private placement as to a 2nd tranche. Closing is expected to be on or before April 6, 2020. The Company is offering up to 10,000,000 common share units (the "units") at a price of $0.035 per unit to raise gross proceeds of up to $350,000 (the "Private Placement"). Each unit will consist of one (1) common share (the "Common Share") and one warrant the ("Warrant"). Each full Warrant shall entitle the holder to acquire one (1) Common Share at a price of $0.05 for a period of 24 months. The Company closed its 1st tranche as to 5,465,000 units for gross proceeds of $191,275 on February 5, 2020.
The pricing of the Private Placement was made in reliance on the temporary relief measures established by the TSX Venture Exchange Bulletin dated April 7, 2014. The price per Common Share was set at the last trading price on the TSX Venture Exchange before the issuance of the initial press release.
The Company may pay commissions of 8% to eligible parties in connection with this Private Placement, payable either in cash and/or in warrants; in accordance with the policies of the TSX-V.
While the Company intends to spend the net proceeds from the offering as stated in the February 21, 2020 news release, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
The securities issued under the Private Placement, and the Common Shares that may be issuable on exercise of the Warrants, are subject to a statutory hold period expiring four months and one day from the date of closing. The closing of the 2nd tranche is subject to the prior approval of the TSX Venture Exchange.
About International Montoro Resources Inc.
Int. Montoro Resources Inc. listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Red Lake, Ontario ( Camping Lake - Au prospect)
- Elliot Lake, Ontario (Serpent River/Pecors -Ni-Cu-PGE discovery) & (Uranium- REE's)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements prospect)
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.
SOURCE: International Montoro Resources Inc.
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