Int'l Montoro closes $76,500 tranche of financing
2016-04-01 21:04 ET - News Release
Mr. Gary Musil reports
MONTORO COMPLETES 2nd TRANCHE OF PRIVATE PLACEMENT -$76,500
International Montoro Resources Inc., further to its news release dated Jan. 22, 2016, has completed the second tranche of the private placement for gross proceeds of $76,500.
The company has issued 2.55 million units at three cents to eight placees. Each unit will comprise one share and one transferable share purchase warrant. Each whole warrant will permit the holder to acquire one additional share at a price of six cents in the first year and at 10 cents in the second year up to March 29, 2018. Pro groups participated for 500,000 units, Gary Musil (insider) subscribed for 400,000 units and an associate of Mr. Musil also subscribed for 400,000 units. The shares and warrants are subject to a four-month-plus-one-day hold period expiring July 30, 2016.
The company paid finder's fee of 8 per cent in cash totalling $1,200 and 40,000 broker's warrants to Haywood Securities Inc.
The proceeds of the financing will primarily be used to maintain the company's existing operations (Chuc property in British Columbia, $11,500) and $20,000 will be expended on additional liabilities incurred during the 2015 exploration/drilling program on Serpent River. The balance of $45,000 working capital will be required as follows:
- Professional fees (legal, audit and accounting), $12,000;
- Transfer agent fees, $1,000;
- Finder's fees, $1,200;
- Investor and shareholder relations, including advertising, $7,250;
- Loan and interest repayment, $10,000;
- Consulting fees, $2,400;
- Management fees, $2,500;
- Unallocated, $8,650.
The company will continue to receive subscriptions under the same terms and is expecting to close a third tranche within the next two weeks.