MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQX: GBARF)
is pleased to announce that it has closed its previously announced
private placement for aggregate gross proceeds of C$14,400,000
(the “
Offering”). The Offering was conducted
on a “best efforts” private placement basis pursuant to the terms
and conditions of an agency agreement entered into among the
Corporation, and Stifel GMP and Sprott Capital Partners LP, as
co-lead agents and joint bookrunners (collectively, the
“
Co-Lead Agents”), and Desjardins Securities Inc.
and Laurentian Bank Securities Inc. (together with the Co-Lead
Agents, the “
Agents”). The Offering includes the
exercise by the Agents of their over-allotment option for
additional gross proceeds of C$2,400,000. The Offering consisted of
the issuance of 24,000,000 units of the Corporation (the
“
Units”) at a price of C$0.60 per Unit.
Each Unit consists of one common share in the
capital of the Corporation (a “Common Share”) and
one transferable common share purchase warrant of the Corporation
(a “Warrant”). Each Warrant entitles the holder
thereof to acquire one Common Share (each, a “Warrant
Share”) at a price of C$0.95 per Warrant Share for a
period of 60 months following the date of issuance thereof.
The net proceeds of the Offering are expected to
be used by the Corporation to fund development expenditures at the
Corporation’s Beaufor Mine and Beacon Mill, and for general
corporate purposes, including working capital purposes.
All securities issued pursuant to this Offering
are subject to a restricted period of four months and a day, ending
on August 7, 2022, under applicable Canadian securities
legislation. The Offering remains subject to the final approval of
the Toronto Stock Exchange.
Alamos Gold Inc. (“Alamos”) has
agreed to participate in the Offering with a subscription for
1,666,667 Units, for aggregate consideration of
C$1,000,000.20. Prior to the closing of the Offering, Alamos held
8,793,640 Common Shares and no common share purchase warrants of
the Corporation, being 10.36% of the issued and outstanding
securities on a non-diluted basis at that time. Following the
closing of the Offering, Alamos holds, as of the date hereof,
10,460,307 Common Shares and 1,666,667 Warrants, for a security
holding percentage of 10.97% on a partially diluted basis, which
represents an increase of 0.61%. Alamos acquired the Units for
investment purposes, which will be evaluated and may be increased
or decreased from time to time at Alamos' discretion. A copy of
Alamos’ early warning report is available on the SEDAR website at
www.sedar.com or can be requested by contacting Scott Parsons,
Vice-President, Investor Relations, at SParsons@alamosgold.com,
416-368-9932 (ext. 5439) or by mail at Brookfield Place, 181 Bay
Street, Suite 3910, Toronto, Ontario M51 2T3.
Insiders of the Corporation, including Alamos,
have subscribed for an aggregate of 1,866,667 Units under the
Offering, representing 7.78% of the Units issued under this
Offering.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of the securities in any state in which such offer,
solicitation or sale would be unlawful. The securities being
offered have not been, nor will they be, registered under the U.S.
Securities Act and may not be offered or sold to, or for the
account or benefit of, persons in the United States or U.S. persons
absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
state securities laws. “United States” and “U.S. person” are as
defined in Regulation S under the U.S. Securities Act.
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 All
statements, other than statements of historical fact, contained in
this press release including, but not limited to, those relating to
the intended use of proceeds of the Offering, the receipt of final
approval of the Toronto Stock Exchange in connection with the
Offering and generally, the above “About Monarch” paragraph which
essentially describes the Corporation’s outlook, constitute
“forward-looking information” or “forward-looking statements”
within the meaning of applicable securities laws, and are based on
expectations, estimates and projections as of the time of this
press release. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by the Corporation as of the time of such statements,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. These estimates and
assumptions may prove to be incorrect. Many of these uncertainties
and contingencies can directly or indirectly affect, and could
cause, actual results to differ materially from those expressed or
implied in any forward-looking statements and future events, could
differ materially from those anticipated in such statements. A
description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward looking information can
be found in Monarch’s disclosure documents on the SEDAR website at
www.sedar.com.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. Forward-looking
statements are provided for the purpose of providing information
about management’s endeavors to develop the Corporation’s mining
properties and, more generally, its expectations and plans relating
to the future. Readers are cautioned not to place undue reliance on
these forward-looking statements as a number of important risk
factors and future events could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and those made in our other filings with the
securities regulators of Canada. The Corporation disclaims any
intention or obligation to update or revise any forward-looking
statements or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the
extent required by applicable law.
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)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Monarch Mining (TSX:GBAR)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024