Yamana Gold invests in Monarch Gold
Gold miner Yamana Gold has invested C$4.2-million in Monarch Gold, an emerging miner with projects in the Abitibi mining camp in Quebec.
Yamana invested in Monarch as part of the junior’s C$5.42-million private placement, which also involved fellow-listed Alamos Gold and other investors.
Monarch issued 22 582 500 shares at C$0.24 a share and 11 291 250 warrants, with each warrant entitling the holder to purchase one share at $0.29 apiece until June 10, 2023.
Yamana will be able to participate in future Monarch financings to maintain its interest in the corporation, subject to maintaining a minimum 5% interest. Yamana will also be entitled to name a representative to the board.
"This strategic investment by a mining company of Yamana's calibre is tangible proof that we are on the right track," said Monarch president and CEO Jean-Marc Lacoste.
"The steps we have taken to advance our flagship Wasamac project continue to attract a great deal of interest from the mining and financial community and it is only a matter of time before we are fully appreciated. With this financing, our overall financial position now stands at more than C$25-million, which will allow us to move more quickly to develop Wasamac, Beaufor and McKenzie Break, gold projects at various stages of development that each have excellent upside potential."
Alamos has exercised its right to participate in this private placement in order to maintain its interest in Monarch by subscribing for an amount of C$720 000.
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