December 11, 2014 – International Montoro Resources Inc. (TSX.V: IMT), (the "Company" or "Montoro"), is pleased to announce it is arranging a non-brokered private placement (the "Private Placement") of up to 8.0 million units (each "Unit") at a purchase price of $0.07 per Unit, for aggregate proceeds of up to $560,000.
States Montoro President and CEO Gary Musil: "These funds will strengthen our treasury and allow us to move ahead with the planned exploration and drilling program on our Pecors Anomaly – Serpent River property near Elliot Lake, Ontario early in the New Year. We are excited to test this potentially large Ni-Cu-PGE anomaly.
Private Placement
Each Unit will consist of one common share ("Common Share") of Montoro and one 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 from the closing date of the Private Placement and at $0.14 in the second year from closing.
The Company will pay a finder’s fee of up to 7.5% in cash or warrants. All of the securities issued pursuant to the Private Placement will be subject to a minimum four-month hold period and subject to TSX Venture Exchange acceptance.
