Monarch Mining Corporation Announces Upsized Marketed Private Placement Offering
16 Mars 2022 - 9:13PM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQX: GBARF)
is pleased to announce that as a result of the demand for its
previously announced financing, it has entered into an amended
agreement pursuant to which 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 including
Desjardins Securities Inc. and Laurentian Bank Securities Inc.
(together with the Co-Lead Agents, the “
Agents”),
have agreed to increase the size of the best efforts private
placement marketed offering of units of the Company (the
“
Units”) to approximately C$12 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.
In addition, the Agents are hereby granted 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 shareholders of the Company and 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 MonarchMonarch Mining
Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated 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 750 tpd 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 478,982 ounces and
a combined inferred resource of 383,393 ounces.
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.
FOR MORE INFORMATION: |
|
|
Jean-Marc Lacoste |
1-888-994-4465 |
President and Chief Executive Officer |
jm.lacoste@monarchmining.com |
|
|
Mathieu Séguin |
1-888-994-4465 |
Vice President, Corporate Development |
m.seguin@monarchmining.com |
|
|
Elisabeth Tremblay |
1-888-994-4465 |
Geologist and Communication Manager |
e.tremblay@monarchmining.com |
www.monarchmining.com
Monarch Mining (TSX:GBAR)
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