Evidently demand for Quebec based gold explorers is quite high. Monarch Gold (TSX: MQR) this afternoon announced that its bought deal private placement, announced just this morning, has already been upsized by the lead underwriters to $10.0 million.
The now upsized private placement will see two sets of units sold under the financing, both of which are flow through units. What is referred to as the Quebec flow through units are being sold at a price of $0.72 per unit, while the flow through units are being sold at $0.57 per unit. Each unit comes with one common share and one half of a common share purchase warrant at a price of $0.60 per unit for 24 months.
A total of 6.9 million Quebec flow through units are now involved in the placement, while 8.8 million flow through units are available for sale as well, for aggregate gross proceeds of $10.0 million.
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Proceeds from the placement, as a result of being a flow-through financing, will be used only for exploration purposes. The exploration will be focused on the firms McKenzie Break property as well as the Wasamac property, both of which are located in Quebec.
Monarch Gold last traded at $0.46 on the TSX.
Information for this briefing was found via Sedar and Monarch Gold Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
