VANCOUVER, BC / ACCESSWIRE / August 7, 2020 / International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), (the "Company"). The Company has received conditional approval to the private placement of $500,000 and is pleased to announce that due to increased investor interest in the Company it has been successful in raising up to $618,000 (oversubscribed), to issue 8,240,000 units at a price of $0.075. Each unit will be comprised of one common share in the capital of the Company and one transferable warrant. Each whole warrant will permit the holder to acquire one additional common share of the Company at a price of $0.10 for two years from closing.
The use of proceeds will be for continued exploration on existing properties, outstanding payables, and general working capital purposes.
While the Company intends to use the proceeds as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
Insider's participated in this private placement offering (500,000 units) constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions {"Ml 61-101"). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.
All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one day from issuance. The Company will now be applying to the TSX Venture Exchange to close the Private Placement Financing, and the issuance of the securities.
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
"Karim Rayani"
Karim Rayani
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.
View source version on accesswire.com:
https://www.accesswire.com/600713/Montoro-Arranges-500000-Oversubscribed-Financing
