International Montoro Resources Inc.
Montoro Closes Private Placement of $47,500
Thursday, October 3, 2019 6:35 PM
VANCOUVER, BC / ACCESSWIRE / October 3, 2019 / International Montoro Resources Inc. (TSXV:IMT) (the "Company").
Private Placement Closed for $47,500
Further to our news release of June 11, 2019 and August 15, 2019 the Company has completed and closed the private placement for $950,000 units at a price of $0.05 per Unit for gross proceeds of $47,500. No further subscriptions were received following the 1st tranche.
The securities have been issued having a hold period expiring November 26, 2019. A finder's fee of $3,000 and 60,000 warrants was paid to Haywood Securities Inc.
The Company intends to use the proceeds from the financing for working capital and exploration on properties.
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. The claim block adjoins the well-known Wicheeda REE discovery on the north and northwest.
(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. Final 2D ZTEM Inversion results were completed by Geotech Ltd. in September 2018; followed by a 3D interpretation of the ZTEM helicopter EM (conductive) & Magnetic Survey in October 2018.
(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.
SOURCE: International Montoro Resources Inc.