Source: Monarch Mining
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  • Monarch Mining (GBAR) has closed the first tranche of a non-brokered private placement for gross proceeds of $4,074,432
  • Under the first tranche of the offering, the company issued 62,683,576 common shares for $0.065 per share
  • Net proceeds of the offering will be used to service debt and for working capital
  • Monarch Mining is a gold mining company that owns four projects, including the Beaufor Mine
  • Monarch Mining Corporation (GBAR) opened trading at C$0.065

Monarch Mining (GBAR) has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $4,074,432.

Under the first tranche of the offering, the company issued 62,683,576 common shares for $0.065 per share.

Net proceeds of the offering will be used to service debt, disbursements for care and maintenance and working capital.

Alamos Gold has agreed to participate in the offering with a subscription for 7,692,308 shares for a total investment of $500,000.02. Following the closing of the offering, Alamos will hold 18,152,615 shares and 1,666,667 warrants of Monarch.

Monarch Mining 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 of mining assets in the Abitibi mining camp.

Monarch Mining Corporation (GBAR) opened trading at C$0.065.


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