MONTORO CLOSING 1ST TRANCHE OF PRIVATE PLACEMENT -$132,500
October 10, 2017 – International Montoro Resources Inc. (TSX-V: IMT) (the “Company”).
Further to our news release of September 20, 2017; the Company has received conditional approval to complete the private placement as announced and will now close a 1st tranche of 2,650,000 Units at a price of $0.05 per Unit for $132,500. 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 $0.10 for a period of two (2) years following the closing. The securities to be issued will be subject to four (4) months plus one day hold period from issuance.
The Company will be paying a finder’s fee of 8% in cash totaling $3,200 and 78,000 broker’s warrants to Haywood Securities Inc. and 14,000 broker’s warrants to Mackie Research Capital Corporation.
The issuance of the securities and the finder’s fees are subject to final acceptance of the TSX Venture Exchange.
In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the private placement is being completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer), (the “Investment Dealer Exemption”). The Company also confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The Company intends to use the net proceeds from the private placement for continued exploration on the Serpent River property in particular the Pecors Ni-Cu-PGE discovery and general working capital. The Company is preparing to complete a helicopter-borne ZTEM geophysical survey of approximately 310 line km at 200m line spacing increasing further information to depth over 2000 metres, which will assist in better targeting the next phase of diamond drilling.
The working capital use of proceeds comprises the following (maximum/minimum for the next six months of estimated operating expenditures): Consulting fees $6,000/$3,000; Legal and audit $10,000/$6,000; Rent, Office & Miscellaneous $18,000/$15,000; Regulatory Fees $5,000/$2,500; Salaries & Admin. $30,000/$15,000; Transfer Agent Fees $6,000/$4,000; Travel & Promotion $7,000/$3,500. Additional funds will be allocated to payment of current liabilities (approx. $80,000), unallocated $40,000.
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 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
President/CEO and Director
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.