By Laura Lutz
Des Moines, May 8 - Monarch Energy Ltd. closed a private placement of units for C$6,028,500.
The company sold 20.095 million units of one share and one half-share warrant at C$0.30 per unit. Each whole warrant will be exercisable at C$0.45 until May 1, 2009.
Expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares is at least C$0.75 for 20 consecutive trading days.
The placement was non-brokered.
Monarch is an oil and gas company based in Vancouver, B.C.
| Issuer: | Monarch Energy Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6,028,500
|
| Units: | 20.095 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 1, 2009
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | March 12
|
| Settlement date: | May 8
|
| Stock symbol: | TSX Venture: MNL
|
| Stock price: | C$0.265 at close May 8
|
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