Deal conducted by Industrial Alliance Securities to fund exploration
By Devika Patel
Knoxville, Tenn., Dec. 14 - Monarques Resources Inc. said it raised C$2.17 million in the first tranche of a C$4.5 million private placement of units and shares that priced Nov. 16. Industrial Alliance Securities Inc., the lead manager and bookrunner, is conducting the sale on a best-efforts basis.
The company is selling 2,500 flow-through units at C$1,000 apiece, 5 million units at C$0.20 per unit and 4 million flow-through shares at C$0.25 per share.
In the first tranche, the company sold 1.2 million flow-through shares, 996 flow-through units and 4,375,000 units.
Each flow-through unit consists of 3,200 flow-through shares, 1,000 common shares and 2,100 warrants. Each unit consists of one common share and one warrant.
The warrants are each exercisable at C$0.30 for three years.
The price per share and warrant strike price are 25% and 50% premiums to the Nov. 15 closing share price of C$0.20.
Proceeds will be used for exploration, land acquisitions and working capital purposes.
The base and precious metals explorer is based in Quebec City.
| Issuer: | Monarques Resources Inc.
|
| Issue: | Flow-through units of 3,200 flow-through shares, 1,000 common shares and 2,100 warrants, units of one common share and one warrant, flow-through shares
|
| Amount: | C$4.5 million
|
| Bookrunner: | Industrial Alliance Securities Inc.
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 14 (for C$2,171,000)
|
| Stock symbol: | TSX Venture: MQR
|
| Stock price: | C$0.20 at close Nov. 15
|
| Market capitalization: | C$6.6 million
|
|
|
| Flow-through units
|
| Amount: | C$2.5 million
|
| Units: | 2,500
|
| Price: | C$1,000
|
| Warrants: | 2,100 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.30
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 5 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.30
|
|
|
| Shares
|
| Amount: | C$1 million
|
| Shares: | 4 million
|
| Price: | C$0.25
|
| Warrants: | No
|
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