New Issue: Monroe Minerals closes C$764,813 final tranche of C$2.8 million units sale

By Devika Patel

Knoxville, Tenn., Nov. 27 - Monroe Minerals Inc. said it closed the second and final tranche of a non-brokered private placement of units, raising C$764,813. The company raised C$2.04 million in the first tranche, which settled on Nov. 9. In total, Monroe Minerals raised C$2.80 million from this deal.

The company first announced the placement on Oct. 24 and set the size at C$2.5 million. The maximum size was then increased to C$2.95 million on Nov. 9.

In the second tranche, Monroe Minerals sold 3,376,633 non flow-through units and 7,496,200 flow-through units. In the first tranche, the company sold 16,016,665 non flow-through units and 14,348,331 flow-through units.

The company sold a total of 19,393,298 non flow-through units of one share and one non flow-through warrant at C$0.06 each for C$1.16 million and 21,844,531 flow-through units of one flow-through common share and one flow-through warrant at C$0.075 per flow-through unit for C$1.64 million.

Each two-year non flow-through warrant will be exercisable for one common share at C$0.10 for one year and at C$0.12 after that. Each two-year flow-through warrant will be exercisable for one common share at C$0.12 for one year and at C$0.15 after that.

MineralFields Group bought 13,333,332 flow-through units and 1,666,666 non flow-through units.

All of the securities have a four-month hold period.

The company paid C$141,000 in finder's fees for the deal and issued non-transferable finder's options to purchase 3,094,349 finder's units at C$0.075 apiece for one year. Each finder's unit will consist of one common share and one two-year warrant, exercisable at C$0.12 for the first year and at C$0.15 after that.

Proceeds will be used to work toward the assembly of a portfolio of uranium properties, for exploration and development and for general working capital purposes.

Based in Calgary, Alta., Monroe Minerals is a minerals exploration company focusing on diamonds and uranium.

Issuer:	Monroe Minerals Inc.
Issue:	Non flow-through units of one share and one warrant, flow-through units of one flow-through share and one flow-through warrant
Amount:	C$2,801,937
Agent:	Non-brokered
Investor:	MineralFields Group (for 13,333,332 flow-through units and 1,666,666 non flow-through units)
Fees:	C$141,000, finder's options to purchase 3,094,349 finder's units
Pricing date:	Oct. 24
Upsized:	Nov. 9
Stock symbol:	TSX Venture: MMX
Stock price:	C$0.07 at close Oct. 24
Non flow-through units
Amount:	C$1,163,598
Units:	19,393,298
Price:	C$0.06
Warrants:	One per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.10 the first year, C$0.12 the second year
Flow-through units
Amount:	C$1,638,339
Units:	21,844,531
Price:	C$0.075
Warrants:	One per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.12 the first year, C$0.15 the second year
First tranche
Amount:	C$2,037,124
Non flow-through units:	16,016,665, or C$960,999
Flow-through units:	14,348,331, or C$1,076,125
Settlement date:	Nov. 9
Second tranche
Amount:	C$764,813
Non flow-through units:	3,376,633, or C$202,598
Flow-through units:	7,496,200, or C$562,215
Settlement date:	Nov. 27

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.