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. |
