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INTERNATIONAL MONTORO CLOSES FIRST TRANCHE OF PRIVATE
PLACEMENT @ $0.25 PER UNIT
International Montoro Resources Inc.(“IMT”) announces
further to the Company’s news releases of May 5/06 &June
20/06 and TSX Venture Exchange approval notice of July 21/06 it
has now closed the first tranche of the non- brokered private placement.
It comprises 472,600 units at a price of $0.25 per units for total
proceeds of $118,150. Each unit is comprised of one common share
and one two year share purchase warrant entitling the holders to
acquire further shares until July 21,2007 at a price of $0.30 and
if exercised after July 21, 2007 but on or before July 21,2008 at
a price of $0.40. The Company paid finders fee of 10,000 units to
Canaccord Capital Corp. and $3,880 cash to other parties. The Company
expects to close the second tranche ($305,000) within 30 days.
All common shares issued under the private placement together with
any common shares issuable on the exercise of the share purchase
warrants have a hold period expiring November 22,2006. The proceeds
from the financing will be used for exploration on its uranium prospects
in Saskatchewan and Labrador, further uranium property acquisitions,
and working capital.
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