By Laura Lutz
Des Moines, April 4 - Monroe Minerals Inc. completed a private placement of units for C$1.007 million, down from the C$1.5 million maximum deal size announced on Feb. 22.
The company sold 10.07 million units of one share and one half-share warrant at C$0.10 per unit. Each whole warrant is exercisable at C$0.15 until Oct. 2, 2008.
Expiry of the warrants may be accelerated if the closing price of the company's shares exceeds C$0.15 for 20 consecutive trading days.
Derek J. Moran, Monroe president and chief executive officer, subscribed for 1.6 million units in the offering.
The company will use the proceeds to assemble a portfolio of uranium properties as well as for diamond exploration and development and general corporate purposes.
Monroe is a resource exploration company based in Calgary, Alta.
| Issuer: | Monroe Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.007 million
|
| Units: | 10.07
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Oct. 2, 2008
|
| Warrant strike price: | C$0.15
|
| Investor: | Derek J. Moran (for C$160,000)
|
| Pricing date: | Feb. 22
|
| Settlement date: | April 4
|
| Stock symbol: | TSX Venture: MMX
|
| Stock price: | C$0.09 at close April 3
|
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