| INTERNATIONAL
MONTORO CLOSES SECOND & THIRD TRANCHE OF PRIVATE PLACEMENT AT
$0.90 PER UNIT
International Montoro Resources Inc. (“TSX.V -IMT”)
announces further to the Company’s news release of May 11,
2007 and TSX Venture Exchange (the “Exchange”) approval
notices of July 17 & 31st, 2007 that it has closed the second
and third tranches and oversubscribed the non-brokered private placement.
The second tranche comprised 440,922 units at a price of $0.90 per
unit for total proceeds of $396,830., and the third tranche completed
122,300 units for proceeds of $110,070. The total financing completed
1,022,000 units for total proceeds of $919,800. Each unit is comprised
of one non flow-through share at $0.35, one flow-through share at
$0.55 per share and one warrant to purchase further shares at $0.65
for a one-year period and $0.90 in the second year. Additionally
please note,---should IMT’s common shares trade at or above
an average trading price of $1.00 per share for ten consecutive
trading days, the Company will have the right to issue a written
notice that the unexercised Warrants will expire 30 days from providing
such notice.
All common shares issued under the private placement together with
any common shares issuable on the exercise of the share purchase
warrants and finders fee warrants have a hold period expiring November
18, 2007 (2nd tranche) and December 2, 2007 (3rd tranche).
The Company intends to utilize the proceeds of the private placement
for continued exploration on its Elliot Lake-Ontario, Uranium City-Saskatchewan,
and Cup Lake/Donen-British Columbia properties; and general working
capital.
|