Offering slated to fund development of Mengapur Polymetallic project
By Devika Patel
Knoxville, Tenn., March 7 - Monument Mining Ltd. said it raised C$7.25 million in the second tranche of a private placement of stock on Wednesday. The company also said the deal has been reduced to C$41 million, after having priced for C$80 million with a 15% greenshoe on Dec. 17.
The company raised C$15 million on Feb. 12. It is selling 82 million common shares at C$0.50 each on a best-efforts basis. The price per share is a 16.28% premium to C$0.43, the Dec. 14 closing share price.
In the first tranche, Monument sold 30 million shares. It sold 14.5 million shares in the second tranche.
The deal is being conducted by a syndicate of agents led by Mackie Research Capital Corp. and including Salman Partners Inc.
Proceeds will be used for development of the Mengapur Polymetallic project and general corporate purposes.
Monument is a gold exploration and development company based in Vancouver, B.C.
| Issuer: | Monument Mining Ltd.
|
| Issue: | Common stock
|
| Amount: | C$41 million
|
| Greenshoe: | 15%
|
| Shares: | 82 million
|
| Price: | C$0.50
|
| Warrants: | No
|
| Agents: | Mackie Research Capital Corp. (lead), Salman Partners Inc.
|
| Pricing date: | Dec. 17
|
| Settlement date: | Feb. 12 (for C$15 million), March 6 (for C$7.25 million)
|
| Stock symbol: | TSX Venture: MMY
|
| Stock price: | C$0.43 at close Dec. 14
|
| Market capitalization: | C$88.43 million
|
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