International Montoro Resources Inc. (TSX Venture: IMT), “Montoro” or the “Company”) has closed off the previously announced (see April 16 and May 1, 2008 news releases) financing. The Company is pleased to announce it is arranging a new non-brokered private placement financing to raise up to $320,000. The units being sold are as follows:
1) The sale of 8,000,000 units at $0.04 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 two years at a price of $0.10 per share in the first year and $0.20 per share in the second year from issuance; and
The Company intends to utilize the proceeds of the private placement for maintenance of its Uranium City area -Saskatchewan properties, its Elliot Lake-Ontario uranium property, 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.
Debt Settlement:
The Company has also reached terms with a related party (non-arm’s length)
creditor to exchange shares for debt. Specifically, the Company has agreed,
subject to approval of the TSX Venture Exchange, to issue 6,000,000 common shares
(valued at $0.04 per share) to settle $240,000 of indebtedness.
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.