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MONTREAL, March 16,
2022 /CNW/ - MONARCH MINING CORPORATION
("Monarch" or
the "Corporation") (TSX: GBAR) (OTCQX:
GBARF) is pleased to announce that it has entered into an
agreement with Stifel GMP and Sprott Capital Partners LP, as
co-lead agents and joint bookrunners (the "Co-Lead Agents")
on behalf of a syndicate of Agents (together with the Co-Lead
Agents, the "Agents"), in connection with a proposed best
efforts private placement marketed offering of units of the Company
(the "Units") for aggregate gross proceeds to the Company of
up to approximately C$10 million at a
price C$0.60 per Unit (the
"Offering").
Each Unit will consist of one common share in the capital of the
Company (a "Common Share") and one transferable common share
purchase warrant (a "Warrant") of the Company. Each Warrant
shall entitle the holder thereof to acquire one common share in the
capital of the Company (each, a "Warrant Share") at a price
of C$0.95 per Warrant Share, until
the date which is 5 years following the Closing Date.
The Company will grant the Agents an option (the "Agents'
Option") to increase the size of the Offering by up to an
additional 20% of the Units sold under the Offering, exercisable in
whole or in part, at any time and from time to time up to 48 hours
prior to the Closing Date.
The net proceeds of the Offering will used by the Company to
fund development expenditures at the Beaufor Mine and Beacon Mill,
and for general corporate purposes including working capital.
The Offering is scheduled to close on or about April 6, 2022 (the "Closing Date") and is
subject to certain conditions including, but not limited to, the
receipt of all necessary regulatory and other approvals including
the approval of the TSX.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Monarch
Monarch
Mining Corporation (TSX: GBAR) is a fully integrated mining company
that owns four advanced projects, including the fully permitted
past-producing Beaufor Mine, which has produced more than 1 million
ounces of gold over the last 30 years. Other advanced assets
include the Croinor Gold, McKenzie Break and Swanson properties, all located near
Monarch's wholly owned and fully
permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of
mining assets in the prolific Abitibi mining camp.
Forward-Looking Statements
The forward-looking
statements in this press release involve known and unknown risks,
uncertainties and other factors that may cause Monarch's actual results, performance and
achievements to be materially different from the results,
performance or achievements expressed or implied therein. These
forward-looking statements include statements relating the size of
the Offering, the Closing Date and the use of proceeds in
connection with the Offering. Neither TSX nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX) accepts responsibility for the adequacy or accuracy of this
press release.
SOURCE Monarch Mining Corporation