The Company proposes to proceed with a non brokered private placement (the “Financing”) of up to $161,000 with 4.6 million units to be issued at $0.035. Each unit will be comprised of one common share and one transferable share purchase warrant (a “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.
The Company intends to use the net proceeds from the Financing for exploration expenses, outstanding payables, including a portion of management fees payable, and working capital.
While the Company intends to spend the net proceeds from the Financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
Directors, officers or other insiders of the Company may participate in the Financing. The Company also confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The closing of the Private Placement Financing, including the issuance of the securities are subject to 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 holds extensive property positions in:
- Red Lake, Ontario ( Camping Lake – Au potential acquisition)
- Elliot Lake, Ontario (Serpent River/Pecors –Ni-Cu-PGE discovery) & (Uranium- REE’s)
- Quebec (Duhamel –Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium potential)
- Prince George, British Columbia (Wicheeda North – Rare Earth Elements prospect)
- Uranium City, Saskatchewan (Crackingstone -50% Interest in Uranium discovery)
ON BEHALF OF THE BOARD
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.