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MONTORO TO RAISE $270,000 FINANCING PRIVATELY
International Montoro Resources Inc. (“IMT”) is arranging
a non-brokered private placement of two million units for gross
proceeds of $270,000 (both flow-through and non flow-through).
Each flow-through unit, at a price of $0.15 per unit, comprises
one common share of the Company and one-half common share purchase
warrant, entitling the holder to purchase one additional common
of the Company with two warrants for a period of two years at a
price of $0.20 per share in the first year and $0.30 per share in
the second year.
Each non flow-through unit will be at a price of $0.12 per unit
with similar warrant terms and prices. All securities issued pursuant
to this private placement will be subject to a four-month hold period.
Finder’s fee will be paid on a portion of the financing. These
transactions are subject to the approval of the TSX Venture Exchange.
Proceeds from the private placement will be used to finance the
Company’s upcoming drilling program in the Red Lake, Ontario
Camp (joint ventured with Belmont Resource Inc. “BEO”)
and for general working capital.
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