International Montoro Resources Inc. (TSX Venture: IMT), “Montoro” or the “Company”) has agreed to revise the pricing of the previously announced non-brokered private placement financing (see news release dated January 25, 2008). The Company is also selling flow-through share units in this financing. The revised terms are as follows:
1) The sale of 2,000,000 non flow-through units at $0.15 per unit. Each unit will consist of one common share and one non-transferable common share purchase warrant. One warrant will entitle the holder thereof to purchase one additional common share of the Company for a period of 180 days at a price of $0.30 per share. After 180 days, two share purchase warrants will be required to purchase one additional share of the Company at a price of $0.30 per share for one year; and
2) The sale of 4,000,000 flow-through units at $0.20 per unit. Each unit will
consist of one flow-through common share and one non-transferable common share
purchase warrant. The warrant terms and price are the same as those attached
to the non flow-through units indicated above.
The Company intends to utilize the proceeds of the private placement for continued
exploration and drilling on its Elliot Lake-Ontario uranium property, its Uranium
City- Saskatchewan area properties, and general working capital.
The Company will pay a finder’s fee or commission in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.
Other
The Company has granted 550,000 incentive stock options under its Stock Option
Plan for a period of two years at a price of $0.20 per share, subject to regulatory
approval.
About International Montoro Resources Inc.
International Montoro Resources is focused on the advancement of its 100-percent optioned Elliot Lake uranium project in northern Ontario and Cup Lake/Donen uranium project in south-central British Columbia. In addition the Company (50/50) with Belmont Resources Inc. is developing two significant uranium properties located in the Uranium City District in Northern Saskatchewan (Crackingstone-982 ha) & (Orbit Lake-11,109 ha –recently optioned to Ultra Uranium -TSX.V:ULU); and holds two properties in the Central Mineral Belt Uranium District in Labrador. Through project generation and additional discoveries, Montoro will provide shareholders with exposure and leverage to the rising global demand for uranium.
ON BEHALF OF THE BOARD
Gary Musil, CFO/President/Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.