| INTERNATIONAL
MONTORO CLOSES PRIVATE PLACEMENTS @ $0.12 AND $0.15 PER UNIT
International Montoro Resources Inc. (“IMT”) announces
further to the Company’s news releases of January 5 &
31/06 and TSX Venture Exchange approval notice of February 24/06
it has now completed the non-brokered private placement. It comprises
3 million units at a price of $0.12 per units for total proceeds
of $360,000 and 1,036,667 flow-through shares at $0.15 per unit
for total proceeds of $155,500. Each unit is comprised of one common
share and one-half two year share purchase warrant entitling the
holders to acquire further shares until March 3, 2007 at a price
of $0.20 and if exercised after March 3, 2007 but on or before March
3, 2008 at a price of $0.30.
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 July 4, 2006. As previously
announced, the proceeds from the placement will be used for exploration
on the gold prospects in the Red Lake Camp – Ontario, the
cobalt/copper prospect near Bathurst, New Brunswick and working
capital.
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