Endeavour Silver raises $73m for Pitarrilla growth project
Pitarrilla is expected to form one of the key cornerstones of Endeavour’s long-term growth profile.
Monarch Gold (TSX: MQR) announced on Thursday the closing of a C$5.4 million private placement with Yamana Gold (TSX: YRI, NYSE: AUY), Alamos Gold (TSX: AGI, NYSE: AGI) and other investors.
Pursuant to the placement, Monarch has issued approximately 22.6 million common shares at C$0.24 each and 11.3 million warrants, with each warrant entitling the holder to purchase one common share of Monarch at a price of C$0.29 until June 10, 2023.
Yamana has subscribed for C$4.2 million in Monarch shares and will be entitled to participate in future Monarch financings to maintain its interest in the company, subject to Yamana maintaining a minimum 5% interest. Yamana will also be entitled to name a representative to Monarch’s board of directors.
Proceeds of the financing will be used to advance Monarch’s flagship Wasamac project as well as the Beaufor and McKenzie Break projects in Quebec
Meanwhile, Alamos exercised its right to participate in the private placement to maintain its interest in Monarch, subscribing for an amount of C$720,000.
Proceeds of the financing will be used to advance Monarch’s flagship Wasamac project as well as the Beaufor and McKenzie Break projects in Quebec.
Shares of Monarch Gold climbed 1.9% by midday Thursday, giving the Canadian gold junior a market capitalization of C$71.9 million.
