International Montoro Resources Inc. Closes First Tranche of the Private Placement - $191,275
VANCOUVER, February 5, 2020 - International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), (the "Company"). Further to the news release dated January 9, 2020. the Company announces that it will close its first tranche of its private placement and issue 5,465,000 units at a price of $0.035 for gross proceeds of $191,275. 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. A finder's fee of $2,800 cash and 80,000 warrants have agreed to be paid/issued.
The use of proceeds will be for continued exploration on existing properties $50,000 and incurred exploration expenses payable $35,000; Regulatory fees $2,000; Office Rent & Communication expenses $5,000; Transfer Agent Fees $1,000; Legal & Accounting $8,000; Partial loan & interest repayment $15,000; Investor & Shareholder Relations including travel & advertising $10,000; Management Fees $10,000; Outstanding Payables & Unallocated Working Capital $55,275. 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 discretion of the Board.
All securities will be subject to a four-month hold period from the closing date. Closing of the private placement is subject to final TSX Venture Exchange approval.
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
"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.