COLUMBIA--(Marketwire - Jan. 8, 2010) - International Montoro Resources Inc. ("IMT") (TSX
VENTURE:IMT)(PINK SHEETS:IMTFF)(FRANKFURT:O4T) further to its announcement dated
December 1, 2009, is increasing the amount and working towards the completion
of a non-brokered private placement for a further 2,000,000 non flow-through
5,000,000 units will be increased to 7,000,000
units at $0.05 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 one year at a price of $0.10 per share. Thereafter in the second
year, two warrants will be required by the holder thereof to purchase one
additional common share at a price of $0.15 per share.
The Company has closed the selling of its
flow-through units as of December 31, 2009 completing 635,000 units for gross
proceeds of $47,625. Each unit will consist of one flow-through 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 one year at a price of $0.10 per share. Thereafter in
the second year, two warrants will be required by the holder thereof to
purchase one additional common share at a price of $0.15 per share.
The Company will pay a finder's fee or
commission of 8% in accordance with the policies of the TSX Venture Exchange.
The private placement is subject to the approval of the TSX Venture Exchange.
The Company intends to utilize the proceeds of
the private placement for further drilling at its Elliot Lake-Ontario uranium
property where it recently reported concentrations of rare earth elements in
conjunction with uranium, and general working capital which may include further
property acquisitions under review.
ON BEHALF OF THE BOARD OF DIRECTORS,
Gary Musil, President, CEO/Director
About International Montoro Resources Inc.
International Montoro Resources Inc. is focused on advancing its
100% optioned Elliot Lake uranium project in northern Ontario. In addition the
Company is continuing development with Belmont Resources Inc. (50/50) of its
Crackingstone –982 ha and Orbit –11,109 ha uranium properties in the Uranium
City District – Northern Saskatchewan. The Company also holds 100% interest 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
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.
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.