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International Montoro Resources Inc. Receives Over-Subscribed Subscriptions for $197,000.

29.06.2020  |  Accesswire

VANCOUVER, June 29, 2020 - International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), (the "Company"). Further to the news releases dated June 19th, 2020 the Company announces that it has received subscriptions in the amount of $197,050, over-subscribed for a total 5,630,000 units at a price of $0.035 and will now proceed with obtaining TSX Venture Exchange approval to close. 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.

The use of proceeds will be for continued exploration on existing properties, outstanding payables including repayment of loans and loan interest, a small portion of management fees $21,000, legal & accounting, regulatory fees, and general working capital purposes.

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 the discretion of the Board.

Gary Musil, a director and officer of the Company and other insider's participated in this private placement offering (600,000 units) constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions {"Ml 61-101"). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one day from issuance. The closing of the private placement and the issuance of the securities are subject to final TSX Venture Exchange approval.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.

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.

SOURCE: International Montoro Resources Inc.



View source version on accesswire.com:
https://www.accesswire.com/595713/International-Montoro-Resources-Inc-Receives-Over-Subscribed-Subscriptions-for-197000


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