International Montoro Resources Inc.
TSX VENTURE : IMT
FRANKFURT : O4T
PINK SHEETS : IMTFF

International Montoro Resources Inc.

April 16, 2008 17:13 ET

International Montoro Resources Inc.: Revised Pricing for the Previously Announced $1.1 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2008) - International Montoro Resources Inc. (TSX VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T) ("Montoro" or the "Company") has agreed to revise the pricing of the previously announced non-brokered private placement financing (see news release dated January 25, 2008). The Company is also selling flow-through share units in this financing. The revised terms are as follows;

1) The sale of 2,000,000 non flow-through units at $0.15 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 180 days at a price of $0.30 per share. After 180 days, two share purchase warrants will be required to purchase one additional share of the Company at a price of $0.30 per share for one year; and

2) The sale of 4,000,000 flow-through units at $0.20 per unit. Each unit will consist of one flow-through common share and one non-transferable common share purchase warrant. The warrant terms and price are the same as those attached to the non flow-through units indicated above.

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.

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.

Other

The Company has granted 550,000 incentive stock options under its Stock Option Plan for a period of two years at a price of $0.20 per share, subject to regulatory approval.

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 and Cup Lake/Donen uranium project in south-central British Columbia. In addition the Company (50/50) with Belmont Resources Inc. has acquired 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 VENTURE:ULU)); and holds two properties in the Central Mineral Belt Uranium District in Labrador. Through project generation and additional discoveries, Montoro will provide shareholders with exposure and leverage to the rising global demand for uranium.

ON BEHALF OF THE BOARD OF DIRECTORS,

Gary Musil, President, CFO/Director

For further information visit the Company's website at www.montororesources.com and watch the Smartstox interview with President Gary Musil.

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 Company's forward-looking statements and expectations.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • International Montoro Resources Inc.
    (604) 683-6648
    Email: montoro@telus.net
    Website: www.montororesources.com
    or
    CHF Investor Relations
    Michael Borovec
    Associate Account Manager
    (416) 868-1079, ext. 229
    Email: michael@chfir.com
    or
    CHF Investor Relations
    Cathy Hume
    CEO
    (416) 868-1079, ext. 231
    Email: cathy@chfir.com
    or
    International Montoro Resources Inc.
    Keith Bullen
    Consultant
    (416) 350-2794