MONTORO CLOSES $197,050 OVERSUBSCRIBED FINANCING
July 8, 2020 - Vancouver, B.C. - International Montoro Resources Inc. (TSX-V: IMT), (Frankfurt: O4T1), (the “Company”). Further to our news releases dated June 19th and 29th, 2020; the Company has closed the private placement and issuing 5,630,000 units at a price of $0.035; for gross proceeds of $197,050. Each unit will be comprised of one common share in the capital of the Company and one warrant. Each whole warrant will permit the holder to acquire one additional common share of the Company at a price of $0.05 for two years from closing.
The use of proceeds will be for continued exploration on existing properties, outstanding payables including repayment of loans and loan interest, management fees ($25,000), legal, accounting, regulatory fees, 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 (600,000 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 (November 9, 2020) from issuance. The closing of the Private Placement Financing, including the issuance of the securities has received TSX Venture Exchange (the “Exchange”) acceptance.
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)
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