Montoro Resources Inc. announces a private placement financing to raise up to $200,000 through the sale of units priced at $0.05 per unit and up to $70,000 through the sale of flow-through units priced at $0.07 per unit. Proceeds will be used for continued exploration on the Serpent River property, including a planned helicopter-borne geophysical survey, and general working capital. Montoro is focused on advancing its 100%-owned Serpent River property in Northern Ontario, which hosts a potential nickel-copper-PGE discovery.
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Montoro arranges $270,000 in financing, plans futher explorationat Pecor;s (Ni - Cu = Co =PGM) Ontario anomoly
1. #600 -625 Howe Street Website: www.MontoroResources.com
Vancouver, B.C. V6C 2T6 E-Mail: gmusil@montororesources.com
Ph.#604-683-6648; Fax #604-683-1350 TSX.V: IMT
Frankfurt: 04T1
OTC: IMTFF
MONTORO ANNOUNCES PRIVATE PLACEMENT FINANCING & CONTINUED EXPLORATION ON PECORS
NI-CU-PGE DISCOVERY
September 20, 2017 - International Montoro Resources Inc. (TSX-V: IMT) (the "Company").
Financing (i):
The Company intends to raise gross proceeds of up to $200,000 by way of a non-brokered private placement (the
“Offering) through the sale of up to 4,000,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit will consist
of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each whole
warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.10 for a
period of two (2) years following the closing.
Financing (ii):
The Company also intends to raise gross proceeds of up to $70,000 by way of a non-brokered private placement of
up to 1,000,000 units (the ‘Units”) at a price of $0.07 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 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 and general working capital. The Company is
preparing to complete a helicopter-borne ZTEM geophysical survey of approximately 310 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.
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 $5,000/$2,500; 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. $80,000), unallocated $40,000.
2. 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.
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.