MONTORO SEEKS APPROVAL FOR FIVE (5) TO ONE (1) CONSOLIDATION
July 13, 2017 - International Montoro Resources Inc. (TSX-V: IMT) (the "Company") advises it will be immediately filing for, and seeking TSX Venture Exchange approval of, documents relating to the consolidation of the Company's issued and outstanding share capital.
The intended consolidation will be on a basis of one (1) post-consolidation common share for every five (5) pre-consolidation common shares. This consolidation will reduce the issued and outstanding shares of the Company from 76,260,526 to 15,252,105 shares, assuming no other change in the issued capital. The Company's outstanding options and warrants will also be adjusted on the same basis (1 new for 5 old) as the common shares, with proportionate adjustments being made to exercise prices. No fractional common shares will be issued, and no cash will be paid in lieu of fractional post-consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share. A letter of transmittal will be mailed to shareholders advising that: (i) the consolidation has taken effect; and (ii) shareholders should surrender their existing share certificates (representing pre-consolidation common shares) for replacement share certificates (representing post-consolidation common shares). Until surrendered, each existing share certificate will be deemed, for all purposes, to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
The board of directors believes that the proposed share consolidation is necessary to facilitate new equity investments in the Company to finance continuing business activities and to investigate new opportunities.
The Company's articles of incorporation authorize the board of directors to approve certain changes to the Company's capital structure, including the consolidation. As such, shareholder approval is not required. The consolidation is subject to approval by the TSX Venture Exchange. The Company does not intend to change its name or its current trading symbol in connection with the proposed share consolidation. The effective date of the consolidation will be disclosed in a subsequent news release. Notwithstanding the foregoing, the board of directors may, at its discretion, determine not to effect the consolidation.
For more information on International Montoro Resources Inc., review the website at www.MontoroResources.com, contact Gary Musil at (604) 683-6648 or email: [email protected].
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.
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