INTERNATIONAL MONTORO CLOSES FURTHER FINANCING FOR TOTAL OF $195,000 TO CONTINUE EXPLORATION ON ITS PECORS NI-CU-PGE DISCOVERY AND WORKING CAPITAL
January 5, 2018 – International Montoro Resources Inc. (TSX-V: IMT) (the “Company”) announces it has closed its non-flow through financing and will now issue 3,900,000 units (the “Units”) 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 permit the holder to acquire one additional share of the Company at a price of $0.10 for a period of two (2) years from closing. The securities will be issued having a hold period expiring May 6, 2018.
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 has agreed to pay a finder’s fee to Haywood Securities Inc. of 8% cash or $1,600 plus the issuance of 32,000 warrants and fees to PI Financial Corp. of 8% cash or $4,000 plus 80,000 warrants.
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; reducing current liabilities and working capital. Further details of the use of proceeds were detailed in our December 20, 2017 news release, and the additional $25,000 oversubscription has been added to unallocated working capital.
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
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