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Yamana Gold invests in Monarch Gold

Published by , Editor
Global Mining Review,

Monarch Gold Corp. has recently announced the closing of a CAN$5 419 800 private placement with Yamana Gold Inc., Alamos Gold Inc. and other investors, pursuant to which it has issued a total of 22 582 500 common shares at CAN$0.24 per share and 11 291 250 warrants, each warrant entitling the holder to purchase one common share of Monarch at a price of CAN$0.29 until 10 June 2023.

Yamana has subscribed for CAN$4.2 million in Monarch shares and will be entitled to participate in future Monarch financings to maintain its interest in the corporation, subject to Yamana maintaining a minimum 5% interest. Yamana will also be entitled to name a representative to the Board of Directors of Monarch.

“This strategic investment by a mining company of Yamana's calibre is tangible proof that we are on the right track. I would like to thank them for their confidence and their future contribution to our Board of Directors,” said Jean-Marc Lacoste, President and CEO of Monarch. “The steps we have taken to advance our flagship Wasamac project continue to attract a great deal of interest from the mining and financial community and it is only a matter of time before we are fully appreciated. With this financing, our overall financial position now stands at more than CAN$25 million, which will allow us to move more quickly to develop Wasamac, Beaufor and McKenzie Break, gold projects at various stages of development that each have excellent upside potential.”

Alamos has exercised its right to participate in this private placement in order to maintain its interest in Monarch by subscribing for an amount of CAN$720 000.

The securities to be issued pursuant to the private placement will be subject to a four month and one day hold period ending 11 October 2020, under applicable Canadian securities legislation.

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Gold mining news Canadian mining news