International Montoro Resources Inc. (“IMT”), has completed two tranches of the previously announced February 23, 2009 financing.
Further to the TSX Bulletin dated May 11, 2009 the Company completed the 1st tranche as follows:
(i) 2,975,000 units were issued at a price of $0.04 for gross proceeds of $119,000. Each unit consists of one common share and a three year warrant. 2,975,000 share purchase warrants at a price of $0.06 are in effect if exercised up to May 11, 2010, or 1,487,500 share purchase warrants at a price of $0.12 if exercised after May 11, 2010 and up to May 11, 2011, or at a price of $0.20 in the third year up to May 11, 2012. $1,248 in cash and 4,000 share purchase warrants were paid as finders’ fees. All shares and warrants issued carry a statutory four month hold period from trading until September 12, 2009.
Further to the TSX Bulletin dated June 25, 2009 the Company completed the 2nd tranche as follows:
(i) 1,180,000 units were issued at a price of $0.04 for gross proceeds of $47,200. Each unit consists of one common share and a three year warrant. 1,180,000 share purchase warrants at a price of $0.06 are in effect if exercised up to June 26, 2010, or 590,000 share purchase warrants at a price of $0.12 if exercised after June 26, 2010 and up to June 26, 2011, or at a price of $0.20 in the third year up to June 26, 2012. $1,600 in cash was paid as finders’ fees. All shares and warrants issued carry a statutory four month hold period from trading until October 26, 2009.
The Company will 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.
About International Montoro Resources Inc.
International Montoro Resources is focused on advancing its 100% optioned Elliot Lake uranium project in northern Ontario. In addition the Company is continuing development with Belmont (50/50) of its Crackingstone –982 ha & Orbit -11,109 ha properties in the Uranium City District - Northern Saskatchewan. The Company also holds interests in the Cup Lake/Donen uranium project in south-central British Columbia and two claim blocks (50/50 with Belmont) in the Central Mineral Belt in Labrador.
For further information phone 604-683-6648, visit the Company website at www.MontoroResources.com
and watch the Smartstox interview with President Gary Musil (www.smartstox.com/interviews/imt.php),
or contact Chris Haldane at CHF Investor Relations at 416-868-1079, ext. 237.
ON BEHALF OF THE BOARD
Gary Musil, CFO/President/Director
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.