International Montoro Resources Inc. (TSX Venture: IMT), “Montoro” or the “Company”) announces further to the company’s news release of May 1, 2008 and TSX Venture Exchange (“the Exchange”) approval notice of June 2, 2008 that it has closed the first tranche of the non-brokered private placement. It comprises 3,130,000 units (2,705,000 non flow-through & 425,000 flow-through units) for total proceeds of $490,750. Each non flow-through unit is comprised of one non flow-through common share at $0.15, and each flow-through unit is comprised of one flow-through common share at $0.20. Both units also contain one warrant to purchase further shares at $0.30 for the first 180 days. After 180 days and for the remaining 365 days (one year), two warrant shares will be required to purchase one common share at $0.30. The Company expects to close the second tranche (up to $510,000) within the next 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 4, 2008.
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.
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. 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
(50/50 with Belmont Resources Inc.), as well as the Cup Lake/Donen uranium property
in Central British Columbia. Through project generation and additional discoveries,
Montoro will maximize the potential in becoming ‘A True North’ cleaner
and greener Uranium mining company.
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.