Monument Mining Ltd. (TSXV:MMY) announced that it has completed best-efforts private placement financing of up to 160 million common shares of the company for a price of $0.50 per share and total proceeds of $80 million. Monument intends to use the money for general corporate purposes and the initial development of its Mengapur polymetallic project.
As quoted in the press release:
The Company has granted the Agents an option (the “Over-Allotment Option”) to increase the size of the Offering by up to an additional 15% in the number of Common Shares. The Over-Allotment Option shall be exercisable by the Agents by giving written notice thereof, or a part thereof, to the Company at any time up to 48 hours prior to the closing of the Offering. The Agents shall be under no obligation whatsoever to exercise the Over-Allotment Option, in whole or in part.
Monument intends to close the Offering in January 2013 (the “Closing”). The Common Shares issued pursuant to the Offering will be subject to a statutory four month and one day hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary stock exchange and regulatory approvals, including the approval of the TSX Venture Exchange.