Mr. Gary Musil reports
INT. MONTORO RESOURCES ARRANGES $161,000 PRIVATE PLACEMENT
International Montoro Resources Inc. proposes to proceed with a non-brokered private placement of up to $161,000, with 4.6 million units to be issued at 3.5 cents. Each unit will comprise one common share and one transferable share purchase warrant. Each whole warrant will permit the holder to acquire one additional common share of the company at a price of five cents for two years from closing.
The company intends to use the net proceeds from the financing for exploration expenses, outstanding payables, including a portion of management fees payable, and working capital.
While the company intends to spend the net proceeds from the financing as stated above, there may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the board.
Directors, officers or other insiders of the company may participate in the financing. The company also confirms there is no material fact or material change related to the company that has not been generally disclosed.
The closing of the private placement financing, including the issuance of the securities, is subject to exchange approval.
About International Montoro Resources Inc.
International Montoro, listed on the TSX Venture Exchange for over 25 years, is a Canadian-based emerging resource company.
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