12:41 PM EDT, 10/22/2020 (MT Newswires) -- International Montoro Resources (IMT.V) on Thursday said it arranged a C$2-million equity-financing facility with Alumina Partners (Ontario).

The company said it can withdraw funds from the facility in C$0.25 million tranches by issuing Alumina share units at discounts of 15% to 25% to the shares' price the day prior to the withdrawal.

"The facility provides us with the necessary capital to advance our projects should and when we need it, the company is in the process of permitting the Serpent River-Pecors Project in Ontario and continues to develop our prospective gold projects in Ontario and Newfoundland. The capital will be especially useful on the Pecors project as we see Nickel continue to trade higher and as the EV conversation gets louder with more emphasis being placed on nickel intensive battery cell chemistries," chief executive Karim Rayani said in a release.

The company's shares were last seen down C$0.01 to C$0.08 on the TSX Venture Exchange.