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

International Montoro Resources Inc.

January 08, 2010 09:00 ET

Montoro Increases Non Flow-Through Financing to $350,000

VANCOUVER, BRITISH 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 units.

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.

Flow-through:

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.

Contact Information

  • International Montoro Resources Inc.
    Gary Musil
    President, CEO/Director
    (604) 683-6648
    (604) 683-1350 (FAX)
    www.MontoroResources.com