- Monarch Mining (GBAR) has closed the first tranche of a non-brokered private placement for gross proceeds of $999,997.15
- Under the first tranche, the company issued 7,333,334 Quebec flow-through units and 6,428,530 national flow-through units
- The offering is expected to close on or before April 6, 2023
- Monarch Mining Corporation is a gold mining company that owns four projects
- Monarch Mining Corporation (GBAR) is up 9 per cent on the day, trading at C$0.06 per share at 3:30 pm ET
Monarch Mining (GBAR) has closed the first tranche of a non-brokered private placement for gross proceeds of $999,997.15.
The company issued 7,333,334 Quebec flow-through units and 6,428,530 national flow-through units. Each Quebec FT unit consists of one common share and one-half of one common share purchase warrant. Each National FT unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of C$0.15 for a period of 24 months following the closing of the offering.
The gross proceeds from the sale of the units will be used to incur eligible exploration expenses related to the corporation’s projects in Québec.
Finder’s fees totalling $69,999.79 and 483,333 compensation options were paid to eligible finders.
The offering is expected to close on or before April 6, 2023.
All securities issued are subject to a statutory hold period ending on July 11, 2023.
About Monarch
Monarch Mining Corporation is a gold mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly-owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that hosts a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.
Monarch Mining Corporation (GBAR) is up 9 per cent on the day, trading at C$0.06 per share at 3:30 pm ET.