Monarques Gold Corp. said March 12 that it raised C$5 million from a nonbrokered private placement with the Quebec government.
The offering comprised 12,820,513 units at 39 cents apiece. Each unit consists of one share and one half of a purchase warrant, with each warrant entitling the holder to acquire an additional share at 45 cents for 36 months following closing.
Proceeds from the offering will be used to fund the company's Quebec-based projects, including the 50,000-meter drilling program on Beaufor and Croinor, the resource estimates on McKenzie Break and Swanson and the creation of a development plan for Wasamac.
