Montoro Arranges Private Placement of Up to $560,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 11, 2014) - International Montoro Resources Inc. (TSX VENTURE:IMT)(OTC PINK:IMTFF)(FRANKFURT:O4T) (the "Company" or "Montoro"), is pleased to announce it is arranging a non-brokered private placement (the "Private Placement") of up to 8.0 million units (each "Unit") at a purchase price of $0.07 per Unit, for aggregate proceeds of up to $560,000.
States Montoro President and CEO Gary Musil: "These funds will strengthen our treasury and allow us to move ahead with the planned exploration and drilling program on our Pecors Anomaly - Serpent River property near Elliot Lake, Ontario early in the New Year. We are excited to test this potentially large Ni-Cu-PGE anomaly."
Private Placement
Each Unit will consist of one common share ("Common Share") of Montoro and one transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.10 for a period of 12 months from the closing date of the Private Placement and at $0.14 in the second year from closing.
The Company will pay a finder's fee of up to 7.5% in cash or warrants. All of the securities issued pursuant to the Private Placement will be subject to a minimum four-month hold period and subject to TSX Venture Exchange acceptance.
About International Montoro Resources Inc.
Montoro is focused on advancing its 100% owned Serpent River - Elliot Lake, Northern Ontario, Uranium/REE project & Pecors magnetic anomaly - potential Ni-Cu-PGE. The property comprises 10 mineral claims (115 units) approx. 1,840 ha.
Montoro holds a 100% interest in 5,604 acres (2,268 ha, 5 claims - the Chuchinka property) contiguous to and adjoining the Wicheeda, a previously reported Rare Earth discovery, northeast of Prince George, B.C. Montoro also holds a 100% interest in 3 mineral claims (160 ha) in the Tacheeda Lake camp. This property was previously a producing site of limestone ballast used during the construction of the B.C. Northern railway.
In addition the Company will continue the development with Belmont Resources Inc. (50/50) of its Crackingstone - 2,.427 acres (982 ha) and Orbit -27,450 acres (11,109 ha) Uranium properties in the Uranium City District - Northern Saskatchewan.
Visit the Company website at www.MontoroResources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, President, CEO/Director
Neither the 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.
The statements used in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Companies forward-looking statements and expectations.