Monarch Follows North Sea Success With $3 Million Placement
Following its recent participation in the Maria 15/18a-12 discovery well in the UK North Sea, Monarch Energy Limited is arranging a non-brokered private placement of up to 30 million units at CDN$0.10 per unit for gross proceeds of up to CDN$3 million, subject to regulatory approval. Each unit consists of one common share and one-half of one non-transferable share purchase warrant. One whole warrant entitles the holder to acquire one additional common share for two years at a purchase price of CDN$0.15 provided, however, that should the closing price of the Company's shares on the TSX Venture Exchange be at least CDN$0.25 per share for 20 consecutive trading days (at any time at or following the expiry of the four month resale restriction period), the Company may, by notice to the holder (supplemented by a news release of general dissemination), reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice. Finder's fees will be paid on portions of the private placement.
The private placement shares, any shares acquired upon exercise of the warrants and any securities issued in payment of finder's fees will be subject to a four-month hold period.
- Monarch Follows North Sea Success With $3 Million Placement (Apr 09)
- N. Sea Field Dvlpmnt On Horizon For Monarch (Apr 09)
- Monarch to Participate in Lythan and St. Anne's Project in North Sea (Jun 28)