Monarca Minerals Inc. Announces Closing of Non-Brokered Private Placement of Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - June 19, 2020) - Monarca Minerals Inc. (TSXV: MMN) ("Monarca" or the "Company") announces that it has completed a non-brokered private placement of $1,015,445 principal amount of unsecured convertible debentures (the "Convertible Debentures"). The Convertible Debentures bear interest at a rate of 12% per annum payable annually in arrears on October 9th and mature on October 9, 2022. The Convertible Debentures are convertible into common shares of the Company at a price of $0.075 for the first 12 months of the term and at a price of $0.10 thereafter until maturity.
An interest rate of 10% per annum will be paid annually in arrears on each anniversary of the issue date of the Convertible Debentures and on the Maturity Date. Monarca may choose to pay the interest in common shares of the Company in accordance with the policies of the TSX Venture Exchange.
The proceeds of the offering will be used to repay the outstanding principal amount of debentures that matured on October 9, 2017 plus accrued interest thereon from the date of maturity. The outstanding principal amount of the debentures to be repaid is $727,500 plus $287,944 in accrued interest.
For further information, please contact:
President, CEO & Director
Monarca Minerals Inc.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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