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INTERNATIONAL MONTORO CLOSES FIRST 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 Ventures Exchange (the “Exchange”) approval
notice of June 26,2007 that it has closed the first tranche of the
non-brokered private placement. It comprises 458,778 units at a
price of $0.90 per unit for total proceeds of $412,900. 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. The Company expects to close the second tranche ($487,100)
within the two weeks.
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 October
27, 2007.
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.
OTHER
The Company has granted (subject to Exchange approval) incentive
stock options to its directors, officers and consultants to purchase
up to a total of 800,000 common shares in the capital stock of the
Company, exercisable for a period of two years, at a price of $0.35
per share. Previously granted options on May 11,2007 were not allocated
at that time.
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