By Laura Lutz
Des Moines, Sept. 19 - Monarch Gold Mining Co. Ltd. raised A$11.5 million through a private placement of 50 million shares at C$0.23 each.
The placement will be settled in two tranches. The first will include 30 million shares, for A$6.9 million total proceeds. The remaining 20 million shares will be sold for A$4.6 million, following shareholder approval at a late October meeting.
The investors will be institutional and sophisticated clients of Patersons Securities Ltd., the lead manager for the issue.
Proceeds will be used for exploration and pre-development at the company's Davyhurst and Minjar projects, for acquisitions and for working capital.
Monarch is a mining company based in West Perth, Western Australia.
| Issuer: | Monarch Gold Mining Co. Ltd.
|
| Issue: | Stock
|
| Amount: | A$11.5 million
|
| Shares: | 50 million
|
| Price: | C$0.23
|
| Warrants: | No
|
| Pricing date: | Sept. 19
|
| Stock symbol: | Australia: MON
|
| Stock price: | A$0.255 at close on Sept. 19
|
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