VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 14, 2016) - International Montoro Resources Inc. (TSX VENTURE:IMT)(OTC PINK:IMTFF)(FRANKFURT:O4T) (the "Company" or "Montoro") - Further to our news release dated January 22, 2016 the Company has completed the first tranche of the private placement for gross proceeds of $68,400.
The Company has issued 2,280,000 units at $0.03 to 6 placees. Each unit will comprise of one share and one transferable 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 shares and warrants are subject to a four month +1 day hold period expiring July 12, 2016.
The company paid finder's fee of 8% in cash totaling $3,552.
The proceeds of the financing will primarily be used to maintain the Company's existing operations (ie. Serpent River-Ontario property $9,200). Approximately $20,000 will be expended on additional liabilities incurred during the 2015 exploration/drilling program on Serpent River. The balance of $39,200 working capital will be required as follows: Professional fees (legal, audit and accounting) - $2,500; Transfer Agent fees - $1,000; Regulatory filing and sustaining fees - $6,000; Investor and Shareholder Relations including travel & advertising - $5,250; Loan & Interest repayment -$10,000; unallocated $3,400.
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 - See pages 14 & 15 for further information.
By Melanie Franner - Ontario Mining Review - Spring 2016 - Serpent River update proves promising - See pages 20 & 21 for further information. http://ow.ly/Zrzjs
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 Company's forward-looking statements and expectations.