They have already raised the money for drilling October news release
Montoro Resources Enters Into Financing Facility Up To $2-Million CAD and Applies for Drill Permit on Its Pecors (Ni, Cu, PGE) Massive Sulphide Projec
Tte company is also pleased to announce that it has entered into a financing facility (the "Facility") for up to C$2 million with Alumina Partners (Ontario) Ltd. ("Alumina"), an affiliate of New York-based private equity firm Alumina Partners LLC.
The investment agreement provides the Company with an at-will financing facility over a period of 24 months during which the Company can draw down, at its sole discretion, equity private placement tranches of up to C$250,000.00 Each tranche will be composed of units with each unit consisting of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant, at discounts between 15 and 25 percent of the closing price of the Common Shares on the day prior to Montoro drawdown notice to Alumina. The exercise price of the warrants will be at a 25 per cent premium over market at the time of the issuance and the warrants will have a term of 60 months. Each draw down from the Facility may be subject to approval of the Toronto Venture Exchange. All securities issued pursuant to a financing under the Facility will be subject to a statutory hold period that expires four months and one day from issuance.
The Company intends to use the net proceeds of financings under the Facility, if any, for the advancement of its portfolio of projects in both Ontario and Newfoundland, working capital for the ramp-up and development of our operations at the Pecors Nickel Project at Elliott Lake and general corporate purposes. No finder's fees will be paid in connection with a financing under the Facility.
Mr. Karim Rayani, Chief Executive Officer commented "The Facility provides us with the necessary capital to advance our projects should and when we need it, the company is in the process of permitting the Serpent River-Pecors Project in Ontario and continues to develop our prospective gold projects in Ontario and Newfoundland. The capital will be especially useful on the Pecors project as we see Nickel continue to trade higher and as the EV conversation gets louder with more emphasis being placed on nickel intensive battery cell chemistries. The Pecors project is a great focus point for the company as nickel once again booms particularly with Europe predicted to rival China in terms of EV market share by the end of 2020."