Montoro Seeks Extension for 2nd Tranche of Financing
VANCOUVER, August 15, 2019 - International Montoro Resources Inc. (TSXV:IMT)(OTC:IMTFF)(FRANKFURT:04T1) (the "Company").
Private Placement Financing:
Further to the Company’s press release dated June 11, 2019; and receipt of conditional acceptance from the TSX Venture Exchange (the “Exchange”) dated July 8, 2019; the Company is seeking an extension until September 8, 2019 to complete a 2nd tranche of this financing. The Company has received acceptance and closed the 1st tranche of the private placement for 950,000 units at a price of $0.05 per Unit for gross proceeds of $47,500.
The Company originally announced up to 4,000,000 Units at a price of $0.05. Each Unit consists 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 common share of the Company at a price of $0.08 for two years from closing.
The issuance of the Common shares and Warrants are subject to TSX Venture approval and the securities will be issued with a four month plus one day hold period.
The Company intends to use the proceeds from the Financing for exploration on current acquisitions as well as previously held properties, and working capital.
About International Montoro Resources Inc.
(i) In February 2019 Montoro entered into acquisition agreements with various vendors, to acquire claims in the Cariboo Mining Division, British Columbia, and following Exchange approval on the Wicheeda North claims (1,444 ha.), the Company has increased the claim blocks by a further (694 ha) for a total 2138 ha. Our claim block adjoins the well-known Wicheeda REE discovery on its north and northwest boundaries.
(ii) Montoro will continue to focus 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.
(iii)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 of thirty-two (32) adjoining mineral claims and compiling of data has been underway since February; and the expanded property now totals approximately 2,300 ha and prospective for Titanium, Vanadium, and Chromium.
(iv) In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 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
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.
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