Business
Monarca Closes Oversubscribed C$3.0 Million Private Placement, Including a Lead Order from Palisades Goldcorp
Toronto, Ontario--(Newsfile Corp. - August 20, 2020) - Monarca Minerals Inc. (TSXV: MMN) (" Mo...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"Monarca Closes Oversubscribed C$3.0 Million Private Placement, Including a Lead Order from Palisades GoldcorpToronto, Ontario--(Newsfile Corp. - August 20, 2020) - Monarca Minerals Inc. (TSXV: MMN) (\"Monarca\" or the \"Company\") is pleased to announce is has closed the previously announced non-brokered private placement of units of the Company (the \"Units\") for gross proceeds of C$3,000,000 (the \"Offering\"). The Company issued a total of 60,000,000 Units of the Company at a price of C$0.05. Red Cloud Securities Inc. acted as a finder in connection with the Offering.Each Unit consisted 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 for a period of 24 months from closing. Proceeds from the Offering will be used for exploration of the Company's San Jose Project and for general corporate and working capital purposes.In connection with the Offering, the Company paid aggregate finders' fees of C$212,000 in cash and 4,240,000 finders warrants. Each finders warrant entitles the holder to acquire one common share at an exercise price of C$0.05 until August 20, 2022.[President and CEO Carlos Espinosa stated, \"We are pleased to welcome a number of experienced mining investors to Monarca through this placement including a lead order from Palisades Goldcorp Ltd. alongside other new institutional investors. The additional funding will enable Monarca to conduct a 10,000m drill program at our San Jose project in Chihuahua State, Mexico where we've identified several high priority geophysical targets.\"]All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day in accordance with applicable securities laws expiring on December [20], 2020.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 constitut...