September 18, 2018 - International Montoro Resources Inc. (TSX-V: IMT) (the "Company").
Financing:
Further to our news release of August 9th, 2018, the Company has completed the first tranche of the private placement through the sale of 1,660,000 units (the “Units”) for gross proceeds of $83,000 by way of a non-brokered private placement at a price of $0.05 per Unit. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each whole warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.06 in the first year from closing and $0.08 in the second year.
No finder’s fees were payable. The Common Shares and Warrants are subject to a statutory hold period of four months +one day until January 19, 2019.
The Company intends to use the net proceeds from the private placement for continued exploration on the Serpent River, Ontario property in particular the Pecors Ni-Cu-PGE discovery, and the Duhamel, Quebec (Ni-Co-Cu) property, on a prorated basis as previously disclosed in the August 9, 2018 news release.
The Company is continuing with subscription sales and anticipates closing a 2nd tranche soon.
Shares for Debt:
The Company has also received acceptance for filing from the TSX Venture Exchange to complete a Shares for Debt for the balance of a 2014 loan and interest in the amount of $50,000. The Company issued 1 million shares at a price of $0.05 per share to settle this debt. The Shares for Debt is also subject to a statutory hold period until January 14, 2019.
About International Montoro Resources Inc.
Montoro is focused on advancing its 100%-owned Serpent River - Elliot Lake, Northern Ontario, Pecors magnetic anomaly - a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located Uranium/REE mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units), or approximately 1,840 ha
In February 2018 Montoro received approval for the acquisition of the Duhamel, Quebec property. The Ni-Cu-Co prospect consisted of nine (9) mineral claims comprising 500 ha. Additional staking and compiling of data has been underway since February, and an updated report of these findings is forthcoming.
In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 acres) and Orbit (11,109 ha, 27,450 acres) Uranium properties in the Uranium City District, Northern Saskatchewan, and is seeking a joint venture partner to continue development of this advanced property.
ON BEHALF OF THE BOARD
“Gary Musil”
Gary Musil,
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.