Business
Monarca Announces Upsize to Previously Announced Private Placement to C$3.0 Million
Toronto, Ontario--(Newsfile Corp. - July 27, 2020) - Monarca Minerals Inc. (TSXV: MMN) (" Mona...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"Monarca Announces Upsize to Previously Announced Private Placement to C$3.0 MillionToronto, Ontario--(Newsfile Corp. - July 27, 2020) - Monarca Minerals Inc. (TSXV: MMN) (\"Monarca\" or the \"Company\") is pleased to announce that the Company will be increasing their previously announced non-brokered private placement to up to 60,000,000 units of the Company (the \"Units\") at a price of C$0.05 per Unit for gross proceeds of up to C$3,000,000 (the \"Offering\"). Each Unit shall consist of one common share of the Company (each a \"Common Share\") and one common share purchase warrant (each a \"Warrant\"). Each Warrant will be exercisable by the holder thereof to acquire one Common Share at a price of C$0.075 at any time on or before the date which is 24 months after the closing of the Offering. Red Cloud Securities Inc. will be acting as finder for the Company under the Offering. The Offering is scheduled to close on or about August 20, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The common shares to be issued under the Offering will have a hold period of four months and one day from the closing. The Company intends to use the net proceeds of the Offering for the exploration of its San Jose Project and for general corporate and working capital purposes. The issuance of Units to insiders pursuant to the Offering will be considered a related party transaction under Multilateral Instrument 61-101. The Company will be relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the Offering by insiders does not exceed 25% of the fair market value of the Company's market capitalization.The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicit...