By Sheri Kasprzak
New York, Feb. 2 - Monroe Minerals Inc. said it negotiated a private placement for up to C$3.5 million.
The offering includes up to 26,923,076 units at C$0.13 each.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.20 each for 18 months.
The non-brokered deal is being aimed mainly at European investors.
Proceeds will be used for exploration and development on the company's diamond properties in southern Africa. The rest will be used for working capital.
Calgary, Alta.-based Monroe is a diamond exploration company.
| Issuer: | Monroe Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3.5 million (maximum)
|
| Units: | 26,923,076 (maximum)
|
| Price: | C$0.13
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Placement agent: | Non-brokered
|
| Pricing date: | Feb. 2
|
| Stock symbol: | TSX Venture: MMX
|
| Stock price: | C$0.135 at close Feb. 1
|
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