MONTORO CLOSES 2ND & FINAL TRANCHE OF FLOW-THROUGH FINANCING
posted on
Jan 09, 2015 04:00PM
Exploring The Future of Green Resources in Canada
January 9, 2015 – International Montoro Resources Inc. (TSX.V: IMT), (the "Company" or "Montoro"), has completed the 2nd and final tranche of its 2014 Flow-through financing. Further to the TSX Venture Exchange (the "Exchange") bulletin, the Company completed 125,000 units at $0.12 per unit for gross proceeds of $15,000. The common shares and warrants are subject to a hold period expiring April 1, 2015. A finder’s fee of $1,125. was paid as a result of this transaction.
Combined with the first tranche, the Company has issued a total of 805,000 units for gross proceeds of $96,600 flow-through funds. Each unit consists of one common share, and a one twelve (12) month transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company at a price of $0.18 within one year. The flow-through funds (approx. $15,000) were expended on the geochemical soil sampling program on a portion of the Company’s Chuchinka-REE prospect, and the balance will be applied to the Serpent River-Pecors drilling project. The Company is now continuing to receive subscriptions from the December 11, 2014 announced non-brokered private placement.
States Montoro President and CEO Gary Musil: "These funds will strengthen our treasury and allow us to move ahead with the planned exploration and drilling program on our Pecors Anomaly – Serpent River property near Elliot Lake, Ontario early in this 1st Quarter. We are excited to test this potentially large Ni-Cu-PGE anomaly.
Private Placement –December 11, 2014 The Private Placement consists of up to 8.0 million units (each "Unit") at a purchase price of $0.07 per Unit, for aggregate proceeds of up to $560,000. Each Unit will consist of one common share ("Common Share") of Montoro and one two year transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.10 for a period of 12 months from the closing date of the Private Placement and at $0.14 in the second year from closing. The Company will pay a finder’s fee of up to 7.5% in cash or warrants. All of the securities issued pursuant to the Private Placement will be subject to a minimum four-month hold period and subject to TSX Venture Exchange acceptance.