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Serpent River Update - Ontario Mining Review-Fall 2015
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.
In addition the Company owns 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 OF DIRECTORS
Gary Musil, President, CEO/Director
Neither the 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.
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.