By Sheri Kasprzak
New York, April 18 - Monroe Minerals Inc. said it has completed a C$1,037,800 private placement.
The company sold 7,983,076 units at C$0.13 apiece.
Each unit is comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.20 each through Oct. 18, 2007.
The expiry of the warrants may be accelerated if the company's stock trades above C$0.20 for more than 20 consecutive trading days.
The proceeds will be used for diamond exploration and development in Southern Africa. The remainder will be used for working capital.
The offering and another deal completed in December 2005 represent 80% of the company's capital-raising target for 2006. The company, according to a statement released Tuesday morning, intends to conduct additional private placements to meet its cash-raising needs.
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$1,037,800
|
| Units: | 7,983,076
|
| Price: | C$0.13
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Oct. 18, 2007
|
| Warrant strike price: | C$0.20
|
| Settlement date: | April 18
|
| Stock symbol: | TSX Venture: MMX
|
| Stock price: | C$0.13 at close April 17
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