- Monarch Mining Corporation (GBAR) has received shareholder approval for its private placement
- The corporation intends to complete a brokered private placement for the issuance and sale of 20,000,000 units of the corporation
- Each unit will be offered at a price of $0.60, and $12,000,000 is projected to be realized as aggregate gross proceeds
- Each unit shall consist of one common share in the capital of the corporation and one common share purchase warrant of the corporation.
- 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 $0.65 at 10:35 am ET
Monarch Mining Corporation (GBAR) has received shareholder approval for the private placement announced on March 16, 2022.
The corporation will issue 20,000,000 units at a price of $0.60 per unit, for aggregate gross proceeds of $12,000,000.
Each unit will consist of one common share in the capital of the corporation and one common share purchase warrant of the corporation.
Each unit warrant shall entitle the holder to purchase one common share in the capital of the Monarch Mining Corporation at a price of $0.95 per warrant share for a period of 60 months following the closing date of the offering.
Stifel Nicolaus Canada Inc. and Sprott Capital Partners LP will act as co-lead agents and joint bookrunners.
The corporation plans to use the net proceeds of the offering to fund development expenditures at the Beaufor Mine and Beacon Mill, and for general corporate purposes, including working capital.
The corporation has obtained shareholder approval representing 59.05 per cent of the issued and outstanding common shares, exceeding the required minimum of 51 per cent of the Toronto Stock Exchange.
The company expects to close the offering on or about April 6, 2022.
Monarch Mining Corporation (GBAR) is a mining company that owns four projects, including the Beaufor Mine in Québec.
Shares of the corporation remained unchanged at $0.65 at 10:35 am ET.