By Devika Patel
Knoxville, Tenn., July 26 - Monarch Energy Ltd. said it has closed the C$3,699,510 non-brokered private placement announced on July 5. The amount was lower than the C$4 million originally planned.
Monarch issued 12,331,700 units at C$0.30 per unit, below the originally intended size of up to 13,333,333 units.
As previously reported, each unit consists of one share and one-half share non-transferable warrant. Each whole warrant is exercisable at C$0.45 for two years.
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.
Monarch Energy paid cash finder's fees totaling C$199,776 and issued 832,400 finder's warrants. The finder's warrants have the same terms as the sold warrants.
All securities have a four-month hold period.
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$3,699,510
|
| Units: | 12,331,700
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | July 5
|
| Settlement date: | July 26
|
| Stock symbol: | TSX Venture: MNL
|
| Stock price: | C$0.335 at close July 5
|
| Stock price: | C$0.3537 at close July 26
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
