Business
Monument Closes $38.1 M Private Placement and Convertible Note Financing
Monument Closes $38.1 M Private Placement and Convertible Note Financing
About this update from Monument Mining Limited
[{"type":"text","content":"Monument Closes $38.1 M Private Placement and Convertible Note Financing\n\n\n\nMonument Closes $38.1 M Private Placement and Convertible Note Financing\n\nVancouver, British Columbia CANADA, July 22, 2008 /FSC/ - Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), (\"Monument\" or the \"Company\") is pleased to announce that it closed its previously announced private placement and credit facility agreement and has raised an aggregate of $38.1 million dollars. Monument is now fully funded to complete construction of its 100% owned Malaysian Gold Mine Project located in Pahang State, Malaysia.\n\nMr. Robert Baldock, President and CEO of the Company, stated that \"The completion of this financing is a significant milestone for the Company. The Company is now fully funded to move the Selinsing Gold Mine Project forward to the construction stage and anticipates gold production in the first half of 2009. The construction period of the treatment plant facility under current market conditions is expected to be completed within a year of commencement. Positive cash flow generated from commercial gold production will be applied to an aggressive but focused exploration program. The Company believes that the exploration potential for the region is significant, based on the data base of preliminary exploration results it has acquired on the land inventory now held and the land being acquired adjacent to its presently planned production facility.\"\n\nTo complete the $28,048,000 private placement, the Company issued 70,120,000 units at $0.40 cents per unit, each unit comprising one fully paid share and one common share purchase warrant entitling the investor to purchase one additional common share of the Issuer at $0.50 per share for a three year term from closing. \n\nConcurrently with the equity financing Monument entered into a convertible credit facility for up to $10.0 million over a three year term maturing July 15th, 2011 with interest of 3% payable in the first year in cash or shares at the option of the Company and thereafter in cash. Monument must draw down not less than $6.0 million but up to $10.0 M by no later than December 31, 2008 as needed to fund its development work. The credit facility can be repaid any time at the borrower's discretion.\n\nThe credit fa...