- Monarch Mining (GBAR) has announced a non-brokered private placement for proceeds of up to $5,000,000
- The company will issue a maximum of 76,923,077 common shares at a price of $0.065 per share
- The offering is expected to close on or before December 20, 2022.
- Monarch Mining Corporation (GBAR) is a gold mining company
- Monarch Mining Corp. (GBAR) opened trading at C$0.055
Monarch Mining (GBAR) has announced a non-brokered private placement for a minimum of $1,000,000 and a maximum of $5,000,000 in gross proceeds.
The company will issue a minimum of 15,384,615 and a maximum of 76,923,077 common shares at a price of $0.065 per share. The corporation also reserves the option to increase the size of the offering by an additional 20 per cent of the maximum amount of the offering.
Use of proceeds:
| Minimum Offering ($1 million) | Maximum Offering ($5 million) | ||
| Working capital | $500,000 | $1,000,000 | |
| Disbursements for care and maintenance | $500,000 | $1,000,000 | |
| Payments to creditors as per signed agreements | – | $3,000,000 | |
| $1,000,000 | $5,000,000 |
The offering is expected to close on or before December 20, 2022. The corporation reserves the right to close the offering in one or more tranches.
Monarch Mining Corporation (GBAR) 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. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.
Monarch Mining Corp. (GBAR) opened trading at C$0.055.