VANCOUVER (miningweekly.com) – Emerging gold producer Monarques Gold has announced the closing of a C$5-million financing with Ressources Québec.
The Montreal-based miner said it has successfully completed a nonbrokered private placement of 12.82-million units at C$0.39 each.
The company said each unit comprises one common share of the corporation and one half of a purchase warrant. Each full warrant entitles its holder to buy one common share at a strike price of C$0.45 per common share for a 36-month period following the closing date of the deal.
"We are proud to have the support of the government of Quebec during this expansion phase for Monarques," said president and CEO Jean-Marc Lacoste.
The proceeds of the financing will go towards advancing the multiple projects the company has on the go for this year, including the 50 000 m drilling programme on Beaufor, and Croinor Gold, the National Instrument 43-101-compliant resource estimates on the McKenzie Break and Swanson properties and the establishment of a development strategy for the Wasamac gold project.
The financing is subject to regulatory approval and the securities issued under the financing are subject to a four-month hold period, plus one day.