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$900,000 PRIVATE PLACEMENT FINANCING PROCEEDING
International Montoro Resources Inc. (“TSX.V -IMT”)
is pleased to announce it has arranged non-brokered private placements
to raise up to $900,000 by the sale of 1,000,000 units at $0.90
per unit. Each unit will consist of one flow-through common share
(deemed price $0.55) and one non flow-through common share (deemed
price $0.35) and one full warrant (one-half warrant for each share
issued) entitling the holder to purchase one additional non flow-through
common share of IMT at a price of $0.65 per share in the first year
and $0.90 per share 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. Where applicable
a finder’s fee in cash or units of the Company may be payable
in connection with this financing, in accordance with the policies
of the TSX Venture Exchange.
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 incentive stock options to its directors,
officers and consultants to purchase up to a total of 500,000 common
shares in the capital stock of the Company, exercisable for a period
of two years, at a price of $0.35 per share.
All of the above is subject to TSX Venture Exchange acceptance.
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