VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 20, 2016) - International Montoro Resources Inc. (TSX VENTURE:IMT) (the "Company" or "Montoro") - As a result of current market conditions, the Company will be making an application to the TSX Venture Exchange (The "Exchange") for a waiver to the private placement price as the proposed subscription price is below the minimum allowed pursuant to the rules.
The Company proposed to proceed with a working capital financing of up to $375,000 with 12.5 million units to be issued at $0.03. Each unit will comprise of one share and one share purchase warrant. Each whole warrant will permit the holder to acquire one additional share at a price of $0.06 in the first year and at $0.10 in the second year after closing.
The company will pay a finder's fee of up to 8% in cash or warrants. The Common Shares and Warrants are subject to a statutory hold period and the financing is subject to Exchange acceptance.
The proceeds of the financing will primarily be used to maintain the Company's existing operations (ie. Serpent River-Ontario property & Chuchinka/Tacheeda claims-British Columbia), activities and assets. Approximately $225,000 will be expended on additional liabilities incurred during the 2015 exploration/drilling program on Serpent River. The balance of $150,000 working capital will be required as follows: Professional fees (legal, audit and accounting) - $20,500; Transfer Agent fees - $3,500; Regulatory filing and sustaining fees - $9,500; Investor and Shareholder Relations including travel & advertising - $25,000; Loan & Interest repayment -$70,000; unallocated $21,500.
In The News:
It's onwards and upwards for Montoro Resources not slowing down
By Melanie Franner- Ontario Mining Review - Fall 2015 - http://issuu.com/delcomminc/docs/omer_2015_fall_web
Serpent River update proves promising - See pages 14 & 15 for further information.
About International Montoro Resources Inc.
Montoro is focused on advancing its 100%-owned Serpent River - Elliot Lake, Northern Ontario, and Pecors magnetic anomaly - a potential Ni-Cu-PGE discovery. The southwestern portion of the property has also located Uranium/REE mineralization from drilling in the general area where Rio Algom previously discovered uranium. The property comprises 10 mineral claims (115 units), approx. 1,840 ha.
Montoro holds a 100% interest in 2,268 ha (5 claims, 5,604 acres, the Chuchinka property) contiguous to and adjoining the Wicheeda, a previously reported Rare Earth discovery, northeast of Prince George, B.C. Montoro also holds a 100% interest in 3 mineral claims (160 ha) in the Tacheeda Lake camp. This property was previously a producing site of limestone ballast used during the construction of the B.C. Northern railway.