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Moncoa Completes Non-Brokered Private Placement of $575,000
Moncoa Completes Non-Brokered Private Placement of $575,000.
About this update from Monument Mining Limited
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, April 21 /CNW/ - Moncoa Corporation (TSX-V: MON) (the\n\"Company\") is pleased to announce that further to an announcement on 3 May\n2005 regarding the intention to acquire a 51% controlling interest in the\nSelinsing Gold Mine Project located in Pahang State, Malaysia (the Selinsing\nProject), the Company has now closed a non-brokered private placement for\ntotal gross proceeds of $575,000 through the issue of 4,600,000 fully paid\ncommon shares at $0.125 per share. The shares are subject to a hold period,\nwhich expires July 29, 2006. The Company paid a 10% financing fee to York\nStreet Capital Corp. who assisted in raising the funds.\nThe Company will use the funds to commission Snowden International Mining\nConsultants Pty. Ltd. of Perth, Australia to produce a NI-43-101 report,\ntogether with an independent valuation for shareholder information purposes.\nIn addition, the funds will be used to prepare an Information Circular for the\npurpose of seeking shareholder approval to acquire the Selinsing Project,\nwhich is considered a Reverse Takeover transaction (\"RTO\") at a Special\nMeeting of shareholders, and for legal, audit and other expenses associated\nwith the transaction and for general working capital requirements in\nconnection with the RTO.\nAt the same Special Meeting shareholder approval will be sought to\nconsolidate the share capital of the Company on the basis of two existing\nshares being consolidated for one new share. On a post consolidation basis the\nCompany also intends to raise up to a further $5,000,000 by way of a private\nplacement in addition to seeking a US$10,000,000 project loan facility, the\nproceeds of which would be used to complete the Selinsing Project acquisition,\nto commence an exploration program and to erect and commission a 400,000\ntonnes per annum gold processing plant, designed to produce 40,000 ounces of\ngold per annum from the Selinsing Gold Mine.\n\nThe TSX Venture Exchange has in no way passed upon the merits of the\nproposed transaction and has neither approved nor disapproved the\ncontents of this news release.\n\n%SEDAR: 00008911E\n\n\n","length":2181,"tagName":"div"}]