VANCOUVER, BC / ACCESSWIRE / October 18, 2019 / International Montoro Resources Inc. (TSXV:IMT)(Frankfurt:O4T1), (the “Company”).
Incentive Warrant Exercise Program:
INTERNATIONAL MONTORO RESOURCES INC. announces today that it intends to apply for approval of a warrant exercise incentive program (the “Incentive Program”) with the TSX Venture Exchange (the “Exchange”).
As announced in our news release dated November 14, 2017, the Company completed private placement offerings of 2,155,000 FT Units at $0.055 and 3,900,000 NFT Units at $0.05. Each Unit comprised of one (1) common share and one (1) share purchase warrant for two (2) years at $0.10 from the date of issuance (the “Placement Warrants”). The Placement Warrants were repriced on October 18, 2018 from $0.10 to $0.065 and $0.06 respectively expiring December 27, 2019 and January 5, 2020.
The Company has 2,155,000 Placement Warrants expiring at 6.5 cents December 27, 2019 and 2,400,000 warrants expiring at 6 cents January 5, 2020 that are available to be exercised during the Incentive Period.
Under the proposed Incentive Program, if the Placement free trading warrants are exercised prior to 4:00 p.m. (Vancouver Time) on December 15, 2019 (the “Incentive Period”), the Placement Warrant holder will receive one (1) additional warrant (an “Incentive Warrant” ) in consideration of the early exercise of each Placement Warrant. Each Incentive Warrant will be exercisable to acquire one (1) common share of the Company at a price of $0.075 per share for a period of one (1) year from the date of issuance. The Company believes this will give existing Placement Warrant holders the right incentive to exercise their Placement Warrants. The Incentive Warrants and any Shares issued upon the exercise of the Incentive Warrants will be subject to a hold period expiring four months plus one day after the date of distribution of the Incentive Warrant.
In the event a Placement Warrant holder determines not to participate in the Incentive Program, then following the expiry of the Incentive Period, the Placement Warrant holder may exercise the Placement Warrants on their original terms or allow them to expire unexercised.
No Directors or Officers of the Company owns or control any of the original Placement Warrants. The Company is not aware of any potential new insider position that would be created upon the exercise of the Placement Warrants nor Incentive Warrants.
There are no guarantees of Exchange approval, and the Company will provide investors an update once it receives a decision from the Exchange.
Further details on the manner by which Placement Warrant holders may exercise their Placement Warrants under the Incentive Program will be provided once Exchange approval is granted.
The Company intends to use the proceeds from the financing for working capital and exploration on properties.
These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Warrant Incentive Program within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act).
About International Montoro Resources Inc.
(i) In February 2019 Montoro entered into acquisition agreements with various vendors, to acquire claims in the Cariboo Mining Division, British Columbia, and following Exchange approval on the Wicheeda North claims (1,444 ha.), the Company has increased the claim blocks by a further (694 ha) for a total 2138 ha. The claim block adjoins the well-known Wicheeda REE discovery on the north and northwest.
(ii) Montoro will continue to focus on advancing its 100%-owned Serpent River – Elliot Lake, Northern Ontario, Pecors magnetic anomaly – a potential Ni-Cu-PGE discovery. The southwestern portion of the property has located Uranium/REE mineralization from previous drilling in the general area where Rio Algom discovered uranium. The property comprises 10 mineral claims (115 units), or approximately 1,840 ha. Final 2D ZTEM Inversion results were completed by Geotech Ltd. in September 2018; followed by a 3D interpretation of the ZTEM helicopter EM (conductive) & Magnetic Survey in October 2018.
(iii) In February 2018 Montoro received approval for the acquisition of the Duhamel, Quebec property. The Ni-Cu-Co prospect consisted of nine (9) mineral claims comprising 500 ha. Additional staking of thirty-two (32) adjoining mineral claims and compiling of data has been underway since February; and the expanded property now totals approximately 2,300 ha and prospective for Titanium, Vanadium, and Chromium.
(iv) In addition the Company owns jointly with Belmont Resources Inc. (50/50) its Crackingstone (982 ha, 2,427 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
President/CEO and Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
Neither 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.
SOURCE: International Montoro Resources Inc.
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