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Further to our news release of November 14, 2017 whereby the Company announced repricing its flow-through financing from $0.07 per Unit to $0.055 per Unit, and raising gross proceeds of up to $77,000 by way of a non-brokered private placement of up to 1.4 million units, we are announcing the following additional subscriptions:
Financing (i)
The Company has oversubscribed this flow-through financing and is now expecting to raise gross proceeds of up to $118,525 by way of a non-brokered private placement of up to 2,155,000 units (the “Units”) at a price of $0.055 per Unit. Each Unit will consist of one flow-through common share of the Company and one transferable non flow-through share purchase warrant (a “Warrant”). Each whole warrant will permit the holder to acquire one additional share of the Company at a price of $0.10 for a period of two (2) years from closing.
In addition to relying upon other available prospectus exemptions to effect the private placement, a portion of the private placement is being completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer), (the “Investment Dealer Exemption”). The Company also confirms there is no material fact or material change related to the Company which has not been generally disclosed.
The Company may pay commissions of 8% to eligible parties in connection with this financing, payable either in cash and/or in warrants. The Common Shares and Warrants are subject to a statutory hold period and the financing is subject to Exchange acceptance.
The Company intends to use the net proceeds from the private placement for continued exploration on the Serpent River property in particular the Pecors Ni-Cu-PGE discovery. The Company is preparing to complete a helicopter-borne ZTEM geophysical survey of approximately 280 line km at 200m line spacing increasing further information to depth over 2000 metres, which will assist in better targeting the next phase of diamond drilling.
Financing (ii)
The Company is continuing to receive subscriptions, and therefore is proceeding to raise in a new financing $175,000 by way of a non-brokered private placement of up to 3,500,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit consists of one common share of the Company and one transferable share purchase warrant (a “Warrant”), similar warrant terms an Financing (i) above.
The working capital use of proceeds comprises the following (maximum/minimum for the next six months of estimated operating expenditures): Consulting fees $6,000/$3,000; Legal and audit $10,000/$6,000; Rent, Office & Miscellaneous $18,000/$15,000; Regulatory Fees $15,000/$7,500; Salaries & Admin. $30,000/$15,000; Transfer Agent Fees $6,000/$4,000; Travel & Promotion $7,000/$3,500. Additional funds will be allocated to payment of current liabilities (approx. $50,000), unallocated $33,000.
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.
Further information can be found on the Company’s website at www.montororesources.com and on www.Sedar.com, or by phoning 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
"Gary Musil”
Gary Musil, CEO/ President
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