Quebec City, Quebec, Canada, July 7th , 2016 – MONARQUES GOLD CORP.(“Monarques” or the “Corporation”) (TSX-V: MQR) (FRANKFURT: MR7) is pleased to announce that it has closed a brokered private placement through PearTree Securities Inc. of an aggregate of 4,083,333 flow-through units (the “FT Units”) at a price of $0.51 per FT Unit. Each FT Unit is comprised of one common share in the capital of the Corporation and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share in the capital of the Corporation at a price of $0.51 for a period of 36 months following the closing of the private placement. (the “Offering”). The Corporation did not pay any commission in connection with the Offering.
The aggregate gross proceeds of the Offering amounts $2,082,449.83 $ and will be used by the Corporation to incur exploration expenses on its Croinor Gold property.
All securities issued pursuant to this Offering are subject to a restricted period of four months and a day.
The securities issued under the Offering have not been registered under the United States Securities Act of 1933 (the “Act”) or any state securities laws and, accordingly, may not be offered or sold to, except in compliance with exemptions from the registration requirements of the Act and applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws or an exemption from the application of such laws.
Monarques is a gold exploration company currently focusing its efforts on the development of gold projects along the Cadillac Break, in the Val-d’Or area of Quebec. Monarques currently has nearly 200 km2 of property holdings in the Val- d’Or area, including two mining concessions and one mining lease with over $9 million in credits from the Ministère de l’Énergie et des Ressources naturelles.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarques’ actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.