Montreal-based Monarques Gold Corp. said July 7 that it closed abrokered private placement for a gross amount of C$2.0 million.

The company issued 4,083,333 flow-through units at 51 centsper unit through PearTree Securities Inc.

Each unit consists of 1 common share and 1 common sharepurchase warrant, exercisable for a period of 36 months at a price of 51 centsper unit.

The company did not pay any commission in connection withthe transaction and plans to use the proceeds toward exploring its gold property.