|
$126,800 FINANCING CLOSED
Montoro Resources Inc. (TSX Venture Exchange – “MNQ”)
announces that further to its news release of November 27, 2003,
the Company is pleased to announce that it has closed its non-brokered
private placement in respect of 918,000 flow-through units and 350,00
non flow-through units, at a price of $0.10 per unit for total gross
proceeds of $126,800. Each unit will consist of one share plus one
share purchase warrant exercisable for two years at an exercise
price of $0.12 per share. After three months of the warrant issue
date it will take two warrants to purchase one additional common
share of the Company at a price of $0.12 per share until the expiration
of two years from the original issue date of the warrant.
The shares and warrants issued are subject to a hold period of
four months expiring May 19, 2004.
Proceeds of the private placement will be used to finance exploration
on the Company’s cobalt/copper prospect in Bathurst, New Brunswick;
gold prospects in the Red Lake Mining Division and gold-silver-copper-zinc-lead
polymetallic prospect in Northern British Columbia and for general
working capital.
In addition, the Company announces it had granted incentive stock
options to directors/officers subject to approval of the TSX Venture
Exchange for the purchase of up to 700,000 common shares for a period
of two years at a price of $0.12 per share.
|