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International Montoro Resources (TSXV:IMT) announced the completion of the 1st tranche of its January 19, 2015 private placement by issuing 4,055,000 units for gross proceeds of $283,850.
As quoted in the press release:
Further to the TSX Venture Exchange bulletin dated February 18, 2015, the Company has completed the 1st tranche of its January 19, 2015 private placement.
The Company has issued 4,055,000 units for gross proceeds of $283,850. Each unit consists of one common share at a price of $0.07 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 to February 18, 2016 and at $0.14 from February 19, 2016 up to February 18, 2017. The Common Shares and Warrants are subject to a hold period expiring June 19, 2015. Finder’s fees of $1,050 and 60,000 units (Shares & Warrants) was paid as a result of this transaction. Combined with the balance of flow-through financing completed in December 2014, the Company has the initial financing in the treasury to commence the Serpent River-Pecors drilling project.
The Company is continuing to receive subscriptions for a 2nd tranche of the private placement for additional funds for the Pecors drilling program and working capital.
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