VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 11, 2015) - International Montoro Resources Inc. (TSX VENTURE:IMT) (the "Company" or "Montoro") -
Further to the TSX Venture Exchange bulletin dated February 18, 2015, the Company has completed the 1st tranche of its January 19, 2015 private placement.
The Company has issued 4,055,000 units for gross proceeds of $283,850. Each unit consists of one common share at a price of $0.07 and one two year 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 to February 18, 2016 and at $0.14 from February 19, 2016 up to February 18, 2017. The Common Shares and Warrants are subject to a hold period expiring June 19, 2015. Finder's fees of $1,050 and 60,000 units (Shares & Warrants) was paid as a result of this transaction. Combined with the balance of flow-through financing completed in December 2014, the Company has the initial financing in the treasury to commence the Serpent River-Pecors drilling project.
The Company is continuing to receive subscriptions for a 2nd tranche of the private placement for additional funds for the Pecors drilling program and working capital.
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.
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.