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International Montoro Resources (TSXV:IMT) reported that current drilling has encountered some quartz pebble conglomerates around 450m and core logging is continuing. The Company also announced the closing of the second tranche of the financing announced in December 11, 2014 and January 19, 2015.
As quoted in the press release:
Pecors Drilling Update
The Company has been informed by Don Hawke, P.Geo., Consulting Geologist, that Orbit Garant Drilling Services Inc. of Val D’Or, Quebec is continuing on schedule. Pecors Hole #1 was reported to be at a depth of 460m as of 7:00 a.m. EST on Friday April 3rd.
The drilling started in the Pecors geological formation, then Ramsey Lake and now in the Matinenda formation. Drilling has encountered some quartz pebble conglomerates around 450m and core logging is continuing.
The above information has been reviewed and approved by Don Hawke, MSc., P.Geo. Consulting geologist and a qualified person as defined in NI 43-101.
2nd Tranche Financing Update
The Company has closed the 2nd tranche of the December 11, 2014 and January 19, 2015 previously announced financing and anticipates completing a 3rd and final tranche in the next few weeks. The Company is filing for approval subscriptions for 2,422,000 Units for gross proceeds of $169,540. Each Unit is comprised one common share (“Common Share”) of Montoro and one 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 exchange approval closing date of the 2nd tranche and at $0.14 in the second year from closing.
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