- Monarch Mining (GBAR) has closed its previously announced private placement for gross proceeds of $14,400,000
- The company issued 24,000,000 units priced at $0.60 per unit
- The offering includes the exercise of the agents’ over-allotment option for additional proceeds of $2,400,000
- Monarch Mining plans to use the net proceeds of the offering to fund development expenditures at the Beaufor Mine and Beacon Mill in Québec
- Shares of the corporation remained unchanged at $0.63 at 12 pm ET
Monarch Mining (GBAR) has closed its previously announced private placement for gross proceeds of $14,400,000.
The company issued 24,000,000 units priced at $0.60 per unit. The offering includes the exercise of the agents’ over-allotment option for additional gross proceeds of $2,400,000. Each unit includes one common share and one transferable common share purchase warrant. Each Warrant entitles the holder to acquire one additional share at a price of $0.95 for a period of 60 months.
Net proceeds will be used to fund development expenditures at the Beaufor Mine and Beacon Mill, and for general corporate purposes.
All securities issued are subject to a holding period ending on August 7, 2022. Monarch Mining is a mining company that owns four projects, including the Beaufor Mine in Québec.
Shares of Monarch Mining Corporation (GBAR) are unchanged on the day, trading at C$0.63 per share at 12 pm ET.